Teaching Kids to Save

Here's how to help children learn to set goals and reach them.

Editor's note: This column originally was published in February 2013. We are featuring it again because April is National Financial Literacy Month and April 23 is Teach Children to Save day.

I like to browse the Web to see (and possibly comment on) what other people are writing about kids and money. Recently, a post by Sierra Filucci, a senior editor with Common Sense Media, caught my eye. Sierra reported that her 6-year-old son was "completely obsessed" with a virtual-world app called Tiny Monsters, and he wanted to make the monsters grow bigger by making an in-app purchase with real money. Sierra’s problem: Should she allow her son to spend his $1 weekly allowance on the game?

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Janet Bodnar
Contributor

Janet Bodnar is editor-at-large of Kiplinger's Personal Finance, a position she assumed after retiring as editor of the magazine after eight years at the helm. She is a nationally recognized expert on the subjects of women and money, children's and family finances, and financial literacy. She is the author of two books, Money Smart Women and Raising Money Smart Kids. As editor-at-large, she writes two popular columns for Kiplinger, "Money Smart Women" and "Living in Retirement." Bodnar is a graduate of St. Bonaventure University and is a member of its Board of Trustees. She received her master's degree from Columbia University, where she was also a Knight-Bagehot Fellow in Business and Economics Journalism.