One of the things I learned at a very early age, perhaps as early as 6 or 7, was how to save, even if it's just a little a week. My parents set up a small savings account through our local bank. My parents every month would give us a minimal allowance, which I would set a small amount aside to then deposit at the local bank whenever I would go grocery shopping with my parents.

It was thrilling to get a statement and see interest earned which was not a lot but exciting nonetheless, and see the money growing. And you can be sure because I've talked to a lot of people my age about this, and each tells me the same thing no one parents ever let them withdraw the money from these accounts, despite our pleading and begging. By the time we graduated from school, we all had a small nest egg that we were given from the bank.

Establishing savings habits very early can only serve your children well and set them on the path to great financial habits. One of the earliest financial rules we should teach our children is to pay yourself first, and that's what setting up a savings account for your child when they're very young will do.

Another good savings tool to instill in your kids is to rule that if they get any money as gifts, part of it can be spent, but part of it needs to be saved. Making that a learned habit is as important as making your kids brush their teeth twice a day; it's good for their overall financial health. And taking them to the bank with you, when either you have business to transact, or you want them to cash in their coins or deposit some money, shows them where the money is kept and how you can save it, or get it when you need it.

Starting early and laying the groundwork for your kids through teaching them to save, providing an excellent example by doing the same, and helping them learn to plan and budget (just like you do for your household expenses and vacations and their college funding and your retirement) may help them become a generation that doesn't exist on credit cards and deferred payments. That's good for them, that's good for us. Like I said, win-win.

Thank you for reading and hope you have a good rest of the day!

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