I have been asked when should you start to save. My reply is very simple. You need to start saving when you starting receiving any type of money. Does this mean your children should be saving? If they are receiving money from you for doing chores around the house, such as picking up their toys, helping you do housework, etc., they should absolutely start to save. If you want your child to grow up to be a saver instead of a spender, start early. I don’t think that children should be given an allowance. Have your children help you around the house when they’re young. I know that a two-year-old won’t be much help in putting away all their toys, but have them help you. Then, pay them for their “work”. A quarter is a lot of money to a young child.
Next, what you want to do is get three small plastic jars and label one Tithe, the second Savings, and the third Spending. Then, have your child divide his/her money into the jars. 10% into the Tithe jar, 15% into the Savings jar, and 75% into the Spending jar. When Sunday rolls around, they take the money in their Tithe jar and give their Tithe. When they have enough money in their Savings jar, open a Young Savers Account at a Credit Union or Bank and have them deposit their money into the account. Show them each month how their money is growing with the deposits they make and with the interest they are earning. Also, if they receive money for their Birthday, Christmas, or other occasion, make sure they split their money into the three jars. This teaches them how to tithe and save from a young age. Don’t stop having them do this throughout their childhood and teen years. By the time they get their first job, saving and tithing will be automatic for them. Remember,
Proverbs 22:6 – Train up a child in the way he should go, And when he is old he will not depart from it.
One more thing, if you are no longer a young child or teen or are working at your first job, you are not exempt from saving. It is never to late to start. Start now.