10 tips for teaching children about saving

(StatePoint) Kids often view money as having one function only: to buy stuff, right now. Give a young child $5 and he’ll likely spend it all, often looking for things that cost $5. 

Parents play critical roles in teaching children financial fundamentals, including the importance of saving. Here are 10 ways to teach children to make smart money choices:

1. Bring out the piggy banks. Have children divide their money into three banks or jars for spending, saving and giving. This helps them understand spending is not the only use for money. To make the rewards of saving more concrete, consider matching some of their saved funds.