Did you ever wonder how you could get your kids to understand the value of money? They seem to spend every dime they get. When you suggest that they might save some for later, they almost act as if you were taking the money away from them.
Before kids will be willing to save any of their money, they need to get the money out of their pockets and out of their sight. But they need to understand that the money is still theirs and that they do indeed have control over the money. Kids who have kids savings accounts learn that they can get online access and check their balance any time they like. When they go to the bank and make a deposit, they can go home and see how much their balance went up with this new deposit. This gives them a feeling of control.
This will be a good beginning as your children learn the benefits of saving money at an early age.
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