Go to Main Content

Advertisement

By Bruce Sellery on February 5, 2015
Estimated reading time: 1 minute

Teach kids to save money

By Bruce Sellery on February 5, 2015
Estimated reading time: 1 minute

Getting a handle on money is a critical life skill

Advertisement

Here's how the Gatien parents can teach their kids to save money. (Photograph by Trevor Brady) — Here’s how the Gatien parents can teach their kids to save money. (Photograph by Trevor Brady)

Q: Our daughter Maya is almost four, but we haven’t started talking to her about the money she puts in her piggy bank. We’d like her—and later on, our son Samuel—to understand how savings work. Do you have any tips? —Cathy Wilson & Patrick Gatien, Vancouver A: My five-year-old Abby just spent her own money on a Gelarti sticker kit this past weekend, for the very first time. She brought her purse full of change and we added it up carefully for the cashier. For kids this age, there are two lessons to focus on when it comes to money. The first is simply counting—this much change buys this awesome craft project. Abby and I go grocery shopping regularly and we always look at the prices and compare them. The second lesson is that while saving money takes time, being patient helps you get something you really want. Kids are so used to instant gratification in almost every area of life that it is important to connect the act of saving over time to the benefit of getting something they want. Getting a handle on your money is a critical life skill—like reading or swimming—and these skills all need to be actively taught and passively modeled. Good for you for getting an early start. Bruce Sellery is a frequent guest on financial television shows and author of Moolala. Do you have your own personal finance question? Write to us at [email protected]

About Bruce Sellery

Bruce Sellery is the CEO of Credit Canada, the country’s longest-standing non-profit credit counselling agency. He is a former MoneySense columnist.

Comments Cancel reply

Related Articles

Can Canadian investors save tax when a stock’s company goes bankrupt?

You may be able to get some tax relief when the stock of a company you hold goes bankrupt....

Can Canadian investors save tax when a stock’s company goes bankrupt?

Two women sit on the floor with laptops researching HISA rates

The best high-interest savings accounts in Canada for 2024

Whether you want the highest interest rate or no service fees, these savings accounts will meet your needs.

The best high-interest savings accounts in Canada for 2024

The best GIC rates in Canada for 2024

Find the best GIC rates in Canada. Plus, everything you need to know about how they work.

The best GIC rates in Canada for 2024

Why I’m optimistic about the markets in 2025–tariffs or no

This advisor isn’t losing any sleep over the markets. In fact, looking back at 2024 and forward into 2025,...

Why I’m optimistic about the markets in 2025–tariffs or no

A car steering wheel and a bowl of pasta, as symbols of how to get the best auto loan interest rate.

Car loan interest rates: What’s the best Canadians can get?

Car loan interest rates can be as confusing as a complicated recipe, and just as daunting to navigate. This...

Car loan interest rates: What’s the best Canadians can get?

Newcomer to Canada buying their first car at the dealership asking questions of the sales person about getting a car loan.

Newcomers to Canada

Auto loans for newcomers—questions to ask when buying your first car in Canada

Buying your first car in Canada is like any other major purchase. Ask a lot of questions, not just...

Auto loans for newcomers—questions to ask when buying your first car in Canada

Canadian Crypto Observer

Where is bitcoin headed in 2025?

Bitcoin’s value surpassed the USD$100,000 mark in late 2024. Here’s what could affect bitcoin and other cryptocurrencies in the...

Where is bitcoin headed in 2025?

A woman using the MoneySense Finder tool at her work-from-home desk

Buying ETFs in Canada Tool: The MoneySense ETF Screener

Which ETFs should you invest in? Which ones best suit your risk tolerance? What about personal ethics? Check out...

Buying ETFs in Canada Tool: The MoneySense ETF Screener

types-of-tfsas.img

What types of tax-free savings accounts (TFSAs) exist?

A tax-free savings account (TFSA) is a fantastic way to earn money on your savings, without having to pay...

What types of tax-free savings accounts (TFSAs) exist?

A woman pumps gas into her sedan

What is the Canada Carbon Rebate? Plus, dates and amounts for 2025 rebates

The Canadian government is sending out the last carbon rebate of 2024. See who’s eligible and how much you...

What is the Canada Carbon Rebate? Plus, dates and amounts for 2025 rebates