One of the things I do at the end of each month is review my spending. As my child grows, I'm looking at teaching her how to save in three simple steps:
- Start off with a piggy bank with an easy-to-count sum, like $50.
- Create a money chart with items the child wants and will pay for out of this sum, like ice cream, books and toys.
- Track the money at the end of the month and let the savings go into the bank. Next month is a fresh $50.
The child may earn a reward if $50 can last longer this month compared to the preceding month, which encourages the child to save more!
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