Turn your kids into super-savers: six tips for parents

Here are six tips for teaching your children to 'power save' and make the most of their money – now and in the future.

5. Let them make some mistakes early on

Andrew Burton/Reuters/File
A child watches the Macy's Department Store holiday window displays in Herald Square, in New York, December 18, 2012. Ramsey says teaching a child to spend money wisely at an early age can help them save money later in life.

Small mistakes now are a good thing. Let your kids make some mistakes. You want them to learn that it’s OK that they can’t buy the latest game when it comes out; it’s OK that they have to save awhile to get the money to buy it. It’s better that they make mistakes with their $5 allowance than later in life. Making mistakes now gives them the opportunity to learn life lessons when there’s really nothing to lose. If they don’t learn these skills at an early age, then it could affect their ability to manage credit, buy a car, or live where they want to. If they go blow it all on candy next month, they’ll learn from that lesson and won’t go spend it all the next time. Small mistakes now can equal big rewards later.

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Dear Reader,

About a year ago, I happened upon this statement about the Monitor in the Harvard Business Review – under the charming heading of “do things that don’t interest you”:

“Many things that end up” being meaningful, writes social scientist Joseph Grenny, “have come from conference workshops, articles, or online videos that began as a chore and ended with an insight. My work in Kenya, for example, was heavily influenced by a Christian Science Monitor article I had forced myself to read 10 years earlier. Sometimes, we call things ‘boring’ simply because they lie outside the box we are currently in.”

If you were to come up with a punchline to a joke about the Monitor, that would probably be it. We’re seen as being global, fair, insightful, and perhaps a bit too earnest. We’re the bran muffin of journalism.

But you know what? We change lives. And I’m going to argue that we change lives precisely because we force open that too-small box that most human beings think they live in.

The Monitor is a peculiar little publication that’s hard for the world to figure out. We’re run by a church, but we’re not only for church members and we’re not about converting people. We’re known as being fair even as the world becomes as polarized as at any time since the newspaper’s founding in 1908.

We have a mission beyond circulation, we want to bridge divides. We’re about kicking down the door of thought everywhere and saying, “You are bigger and more capable than you realize. And we can prove it.”

If you’re looking for bran muffin journalism, you can subscribe to the Monitor for $15. You’ll get the Monitor Weekly magazine, the Monitor Daily email, and unlimited access to CSMonitor.com.

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