Saving ... The Key is to Start Young and Make Saving a Habit!

Most people do not know how to save! Over half of the adult population in the US has less than $1000 saved. Less than $1000! But it gets even scarier. Did you know that 1 in 4 American adults do not have a SINGLE penny saved? One in 4!

So the headline is–We MUST Save!

The secret to becoming wealthy is learning how to save.

The big question, therefore, is HOW do we do this? HOW do we save? Even if you have next to nothing to start with. Well, the dollar amount you save does not matter. What does matter is that as of right now, we need to make saving a HABIT.

The key is to start young and make saving a habit.

How Do We Save?

To make saving a habit, you can start by encouraging your child or teen to have a simple saving system.

The saving system we recommend is the one presented in FUNancial Freedom.

FUNancial is an online program that offers step-by-step, hand-holding strategies for your child or teen to understand how to make, grow and scale their money. They also teach your child or teen valuable skills like how to save.

At FUNancial they have a simple system that your child or teen can start to use straight away that will start them on the path to riches!

What Is This Simple Savings System?

The system involves having four separate containers. These containers would then be labelled with Give, Save, Invest & Spend.

Now, this is where it gets really exciting!

Whenever your child or teen receives any money that comes in from any source, they will divide the money in this way.

10% will go into the GIVE container.

20% will go into the SAVE container.

20% will go into the INVEST container.

And the remaining 50% of their money will go into the SPEND container.

Let’s Take An Example

Imagine your child or teen gets $10. Here they would split the $10 as follows.

$1 into the GIVE container.

$2 into the SAVE container.

$2 into the INVEST container.

And $5 into the SPEND container.

This 4 way split of any money you receive then becomes the basis of successful saving system. 

Summing Up

As your child or teen gets older, they think about money and usually the focus is on buying things. This is a great time for you to teach them the concepts of the importance of saving money and not just how to spend it. 

One of the most important things you can teach your children is how to save, and for now, all your child or teen need to do is practice saving using this simple savings system.

Further Reading

A Simple Saving System For Kids and Teens

Learn More About FUNancial Freedom

Right now FUNancial Freedom are offering a great FREE resource for you to get your child or teen started on their financial education journey. 

ReThink Money by FUNancial Freedom is an ebook that guides your child or teen through learning how to become financially smart. 

CLICK HERE

to download your FREE copy. 

To learn more about FUNancial Freedom CLICK HERE