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When you are giving your kids their regular allowances, give them in denominations that will persuade them to save. 20-Step Author Quick Start Guide  If you are going to give five dollars for example, give five 1-dollar bills and suggest that at least a dollar should be marked for saving. Show them that if they save even five dollars a week, the compounded quarterly interest will amount to 266 dollars after a year, 1,503 dollars after five years and 3,527 after another five.

To begin the habit of saving, take your kids to a bank so that they can have their own account. Getting them into the act early is essential in becoming successful at savings. However, do not refuse when they want to make a withdrawal and use the money for something they want. To do so can discourage them from continuing to save.

Another skill that you should promote in your children is keeping accurate records. You can make the task easier by using an envelope for each of the months of the year. Ask your kids to put all the receipts from purchases inside the envelopes and keep tab on everything they spend their money on.