Better Budgeting: Kid Money

Kid Money

Money Saving Tip of the Month (featured column)
submitted by Kathleen Gosnell

My tip is for teaching kids how to save money!

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At the stores when I pay for things with cash I always use bills and avoid trying to dig through for exact change. When we get home I hand each of my kids the change from my pocket (I have two so I try to do my best to divide it up equally) and have them put it in their own piggy banks.

When their banks are full we take them to the bank. If your bank doesn't take large amounts of change they will usually supply you with paper rolls so you can roll the coins at home and bring those in. You can also find coin exchange machines in many grocery stores, the only downside is they keep a small percentage of your coins as a service fee.

The kids get EXCITED about putting money into their piggy banks, and love visiting the bank. We go to a smaller bank where everyone knows us and gives the kids sugar-free suckers.

This is a way to teach your kids about saving money, and it forces you to "save" money for them. We plan on using these accounts for college savings. The first year we did this each kid had about $40 each in their account.

Also the kids are allowed to claim any change they find around the house, and in the car. We call it "Kid Money!"

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Copyright © 2008 by Kathleen Gosnell. All rights reserved.

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