Three Ways to Teach Your Kids to Save Money

Starting early and practicing what you preach can help you raise disciplined savers despite today’s focus on fear of missing out (FOMO) and instant gratification.

A smiling mom holds her smiling young daughter and a piggy bank on her lap.
(Image credit: Getty Images)

In the era of FOMO, to save money is not considered “cool.” Younger generations are often more interested in charging their dream vacation or buying an expensive purse rather than saving for retirement — the mantra is “I’ll deal with this later.”

This is alarming for people who are, like me, disciplined savers. I learned from an early age to shop from the sale rack, pay off my credit card monthly and save for big purchases.

Now that I’m a mom of two, how do I plan to instill this in my own kids as they are raised in a generation of instant gratification? In two key ways — start early and practice what I preach. This is especially important this month, as today (April 27) is National Teach Children to Save Day.

If you’re seeking how to raise disciplined savers as adults, here are three ways I’ve started with my own children and are easy to adopt with yours:

Kelli Kiemle, AIF®
Managing Director of Growth and Client Experience, Halbert Hargrove

Kelli Kiemle holds multiple roles with Halbert Hargrove. As Managing Director of Growth and Client Experience, she sets the tone for the quality and character of Halbert Hargrove's client service relationships. She also manages the associate wealth advisers and client service managers. Kelli is also responsible for overseeing the firm's wide-ranging marketing and communications initiatives, including their mentor program.