Encourage Your Child to Save and Invest

Related Content

• Money Smarts
• School Aged Kids

By Benjamin McLean

• Start early with coins. Sort, save, and pay for small items.
• Ages 5 to 6 should have coin purses and be able to make change and bank deposits.
• Visit the Royal Canadian Mint on the Internet at www.rcmint.ca.
• Start allowance at age 5. They can't learn the value of money if they don't have any.
• Give them small change. A $5 bill can't be divided up right away.
• Make Sunday payday. They'll still have something to set aside for next weekend.
• Let them pay all their own expenses from a larger allowance.
• Don't pay for chores. It's their responsibility as part of the family.
• Don't tie allowances to behavior unless it's to pay for damages.
• Don't make them ask. Pay allowance regularly and encourage saving for extras.
• Bite your tongue. It's their purchase decision and responsibility.
• No advances. It sends the wrong message.
• Give shares instead of toys. Buy companies with kid appeal like fast food, video, games and running shoes.
• Attend an annual meeting. Kid-test the new products at Irwin Toy.
• Visit the stock exchange on the Internet at www.tse.com or www.vse.com