THE EXPRESSION “LIKE A KID IN A CANDY STORE” exists for a reason, and most parents are all too aware of it. When children are in a place where treats are sold, a very yummy and tangible goal is right there in front of them. They’re tempted to spend every dime on the spot. So can they learn to save for longer-term goals like a bike or a computer?
Even young children can understand money and the value of setting financial goals. According to a report by University of Cambridge researchers, seven-year-olds can understand basic financial concepts.¹ In fact, introducing children to saving early might give them a head start on a lifetime of good money habits. And it could make those trips through the toy store or down the cereal aisle a little more pleasant.
If you’re looking for ideas to help teach kids the rewards of thoughtful spending and saving, consider some of the activities below.