I remember the plastic bag I carried into Toys R Us very vividly. It was a concoction of $1 bills and coins, with a little dust thrown it for good measure.
My allowance at the time was .50 a week, and the squirt gun I wanted to purchase was $20.
It was the earliest “saving experience” I can remember, I was 6 or 7 at the time.
It’s funny how little has changed now that I’m grown up. I still get an allowance (payday!), and I have goals that I’m saving for. The only difference now is the numbers.
At some point growing up, I switched from a “saver” to a spender. I believe it was around my 18th birthday. It’s only in the last 3 years, really since I started the blog, that I’ve reverted back to my “saver” mode. I spend significantly less now than I earn, which has allowed me to make some huge strides in paying back my debts this year.
Some thoughts that parents could use to encourage saving:
1. Be a saver yourself
2. Setup a kids passport account for them
3. Match their savings
4. Withhold money from their allowance for savings
5. Set savings goals (ala smartypig)
Are you a saver or a spender? Did your parents encourage saving?
{ 3 comments… read them below or add one }
I try to be a saver but it is difficult. I think having a balance of both is fine. Nothing wrong as well as within reason.
Parents matching their kids savings is a GREAT idea. Kinda like a parental 401K plan for kids!
I admit I am a super saver, almost to excess. I haven’t bought anything other than food for 60 days now, and I still don’t have the itch.
Fight on super savers!
Haha Yea, I remember when I was about 8 trying to explain to an adult that I didn’t want candy I wanted the money instead so that I could save it for something “really cool”