Posts Tagged: "saving"

Memorable Lesson in the Power of Compound Interest

Princess Diana - January 9, 2019 - Kids, Money

This gift is less about the money, but leaving children with a money lesson that will stick with them the rest of their life.

When someone begins to understand the full power of compound interest and how it causes his or her savings to grow quickly over time, it motivates that individual to save money early and regularly.

I tell my kids, “The bank pays you money for letting it hold your money. The longer the bank holds your money for you, the more free money you get!”

Kids may not grasp the concept of saving for retirement, but even my five-year old gets excited about saving his money towards a future car for when he’s old enough to drive.

I’ve been wanting to teach my son about compound interest, but it still seemed too complicated until I came across an article from my favorite website TheSimpleDollar.com.

I’ve taken it’s lesson on the power of compound interest and created a simple step-by-step guide for parents and caregivers.

Money Savvy Piggy Bank | Educational Toy

Princess Diana - November 7, 2017 - Kids

Earn more money so you can buy more stuff.

I used to believe that about money, but I don’t anymore. Now, I see money as freedom to do what I want with my time.

I learned most of my personal finance skills as an adult from reading articles on The Simple Dollar website. Like many children, I didn’t receive money lessons at home that I needed to become a money savvy adult.

Schools don’t make it a priority to teach personal finance skills, so it’s something that must be taught by parents and family members to children–from an early age.

My son, Aiden, recently turned five years old, and he received cash from three different people for his birthday that added up to almost $100. Bingo! This is the perfect time to start teaching him some simple money lessons and smart money habits.