You might have either figured out the proverb's meaning or muddled your way through the concept of saving money. If you prefer more concrete methods of imparting financial wisdom to your children, consider the following tips and tricks:
1. Give allowance in $1 coins
Gold coins are fun! And easier to divide for spending and saving. That clinking sound in the piggy-bank is more satisfying to hear too!
2. Make them pay
If your kids are hankering after that new book or train set, ask them to save up for it. They'll recognise the rewards of saving and appreciate the toy a whole lot more too.
3. Visualise the goal
Keep them motivated to achieve their goal by recording their savings in a special notebook or wall-chart, so they can see their progress.
4. Invest in their success
Encourage their habit by offering to match dollar for dollar what they manage to save towards their goal. This may make them think twice about buying something they don't need.
5. Dollars for duties
Offer extra chores around the house in exchange for helping them reach their goal that much faster. It's not a bad arrangement for you either!