When their money’s gone, it’s gone. To start their savings, there’s nothing like an old-fashioned piggy bank to put it in. Encourage savings by matching dollar-for-dollar the amount banked each time or by adding our own 5%-10% interest to whatever’s in the piggy bank at the end of each month. We should make an effort to be consistent about when we pay the allowance and never be tempted to raid their piggy bank when we’re short of small change. And the bottom line is always: when the money’s gone, it’s gone.

Source: Otago Daily Times January 24, 2021 15:22 UTC