Help Your Child Save Money

I read a good tip from my Credit Union (BECU) on helping children to save money. I copied the following text from their website.

Consider matching part of what your child saves

By doing this your child will be apt to save more. And as your child gets older, this may help him or her to better grasp the benefits of company matching plans for 401ks or other profit-sharing opportunities.

I think that matching our children's money will encourage them to save more because they will see their savings increase quicker. Also, we need to implement some withdrawal policies so that they won't abuse this benefit (just like there are limitations on 401ks).

Another point that BECU made is that children learn how to handle money by following the example of their parents. If we're spending money haphazardly, then chances are that our children will tend to do the same.

Are there any parents out there with more advice for helping our kids (or us as parents) to save money?

Click here for the whole article for tips on teaching your kids lifelong financial lessons.