Teaching Savings
Given that children's concept of time is limited, teaching them to save poses certain challenges. Parents must find ways to show them how postponing the gratification that comes with impulse purchases can pay off over time. One common approach is to give children a weekly allowance and require that they save a portion of it for some future goal-buying a toy, perhaps. Another is to open a bank account in the child's name to let him or her see how the money grows with time.
