Remember that a child’s time horizon is much shorter than yours. For a plan like this to succeed, the end always has to be in sight for the child. So don’t get too ambitious in teaching this skill. Expectations that the child will save for months or put all his resources into savings are unrealistic. Remember that learning to save requires ongoing and long-term practice. Be prepared to use savings systems over an extended time period.
Peg Dawson and Richard Guare in Smart but Scattered