The Three S Strategy: An Easy Way to Teach Children about Money

Have you heard about the three S strategy? It’s a great way to introduce your children to money management and instill strong money habits early, setting up your children for financial success later down the road. Do you know what the three S’s are?    

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The Three S Strategy: An Easy Way to Teach Children about Money

19 Oct 2017

The Three S Strategy: An Easy Way to Teach Children about Money

Have you heard about the three S strategy? It’s a great way to introduce your children to money management and instill strong money habits early, setting up your children for financial success later down the road. Do you know what the three S’s are?  

Share, Save, and Spend

This money strategy teaches your children how to balance their money, set goals, and use their money wisely. It’s also a great way to get them started with a savings account! Ready to get them started? Here’s what each S means and fun ways to make each S enjoyable for your child.

Share

Teach your children about charities and the importance of giving back through sharing with those less fortunate or causes that matter to them. Allow your child to pick their favorite charity or what they would like their money to go towards. You can even take some trips to local charities to help your child decide how they would like to share. Set a goal, and once they hit that goal they can help make the donation!

Save

The sooner your children start saving, the better off they will be once they need to start making financial decisions of their own! Set a goal amount and deadline to get them excited about saving. You may even want to tack on a prize, such as a trip out for ice cream or going to their favorite restaurant. Set an even higher goal and once they hit it, help them open their first savings account. This will surely make them feel responsible, and they’ll love how grown-up they feel with a savings account!

Spend

Whether they want to buy a bike, need cash for the movie theatre, or want to go out shopping, having a spend jar will give your children access to spending money. For older children, you can help them decide how much money they want to split between the three S’s. It’s recommended to put just as much into savings as spending, but let your child make the decision and see how money works.

All you need to start on this money journey with your child are three banks, jars, or containers. Label one Save, one Spend, and one Share. Find cute ideas for creative money jars and fun banks on our Pinterest board. Help your child decide on goals and how they should split their money between the three jars. Then all they need to do is start adding change and cash into the jars to work towards their goals!

Looking for more ways to teach your children about money? Find great ideas and strategies to help them learn how to save! Do you have a fun or creative way you’ve taught your children about money? Let us know below!

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