Wednesday, October 26, 2016

How to Encourage Your Children to Save Money

Children and Money are sometimes contentious issues!  Parents have issues around the getting and spending of money that may have been given to the child as a gift.  So the big question is, "How do you encourage your children to look at money differently?"  "How do you encourage them to Save Money?" or "How do you teach them the value of money?"


This very subject has come to light in my family.  Thank God, none of my family is wanting for the necessities of life and that is wonderful, but, it also makes it difficult for Grandparents, and other relatives when it comes to special Gift Giving times of the year. (Birthdays, Christmas, Graduations, Special Honors and such)

Let me give you a suggestion that hopefully will help you out of this quandary.

If Children are taught to look at money differently, they may just find that they will wait before running to the corner store to fill up on candy or "junk".

What do I mean?

Coin collecting has been a hobby and pastime enjoyed by many people all over the world.  It changes the meaning of money for our children too. Let's get our kids looking at their money before they spend it.

Instead of giving them paper money, give them coins.  Collectible coins that will start them on a journey of discovery.

There are many countries including the USA that produce "special" coins for historical, scientific or cultural breakthroughs or events.  These coins are minted in all denominations, from, Pennies, Nickels, Dimes and Quarters, to Half dollars and Dollars.

Can you see how you can get your children interested in something as small as a penny or as big as a Dollar?

Having a book or two on coins and their making, and then starting your children with a set of coins can begin a fascination that will take them through their whole lives.  You just have to look at how much an Indian Head Nickel will cost you today, to know that it's also a great investment.

As the years go by, and the children get older, the denominations of the coins can also get bigger or not!  It is entirely up to you and your circumstances.  One thing is certain, if this sparks an interest for your child, they will be hooked on looking at money from a whole new angle and you will have started them on a hobby that will last through their whole lives.  They will look at their "coin collection" and be able to say Grandma  and Grandpa gave me this coin, or Auntie gave me this one.  Each coin will have a wonderful memory attached to it.







Note: The author may receive a commission from purchases made using links found in this article.

12 comments:

  1. Timely advice since Christmas is not too far away and would be a great time to start that new tradition of giving "collectible" money to kids as gifts. Starting, and adding to a coin collection each gift giving occasion is an excellent suggestion.

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    1. I like that the children learn to look at the money in a whole different way, they see the President on one side and maybe the National Parks, or a Monument or something "special" on the other side. It can be used to teach them something about some other part of the country that they haven't yet seen. I'm all about using everyday things to teach our children something new, and coin collecting does that well.

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  2. What a neat idea for gifting children! I love things that will encourage children to expand their knowledge, that can be fun for them and create opportunities for conversation.

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    1. You are so right Beverly Owens, it's a stepping stone to a history lesson, geography, nature and a whole lot more. Memories and a lot of interest and intrigue will keep the hobby alive for children and they will learn history, geography and many other things in a way they won't in the classroom.

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  3. Great gift ideas for the kids Olivia. Both of our grandsons make it a point to save. Our 10 year old knows that if he wants something bad enough he will save his money for it. Just the other day our 4 year old grandson took a dollar out of his box and brought to my wife and said, "Here grandma this is for all the nice things you do for me"

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    1. Oh Eugene, that is so special! A memory to be held close to your hearts for sure. They sound like kids that would enjoy a hobby of collecting special coins for sure.

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  4. This is a wonderful gift idea for children. For those of us in the United States, the U.S. Mint provides even more opportunities for coin collecting. Special coins are minted for various reasons and events and they're wonderful to collect over a lifetime. For instance, money is being raised in our area for a major national project and coins were designed and minted for that. We invested in a few for ourselves and for our grown children as the topic is one that resonates with our family. Search for U.S. Mint to see all the wonderful coins that are available.

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    1. You are so right Susan Deppner, when the issue is something that you believe in, you don't mind purchasing some coins to support the initiative. They make a great keepsake too! They will also become a collectible in years to come.

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  5. Coin collecting has always been an interesting hobby, so I can see how it will interest children and teach them a bit about money. I know my kids were fascinated by foreign coins brought home by relatives after a visit to another country. Collecting special coins minted just to commemorate an event or occasion is a good idea too.

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    1. Thanks for your comments Miss Elf. With the world becoming a smaller place all the time, kids are fascinated by currency other than their own. The problem with saving that kind of currency is that you forget the actual value of the money, where American currency is quite familiar. I would start them with something they know has value.....

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  6. I agree that coin collecting is a good thing to do with children. I've always been fascinated by coins, and it started when I was young.

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    1. There are so many ways that you can teach things to the children when they are interested. With coins you can teach about history, geography, important people, places and things. Thanks for your comments Dawn Rae!

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