Nowadays we realize as never before the great importance of bending the sapling as we want the tree to grow; when we know that even very young children are greatly susceptible to special training. Therefore start teaching children saving at the age of 3 or 4 years.
Get them a savings bank, of interesting shape and kind, and provide them with special saving incentives, such as the purchase of a particular toy, or for Christmas presents, etc. But to be effective such training must see to it that the child is given the reward for which he is saving about every 30 days. If it is delayed too long the child loses interest. It is also important to have the child _earn_ the money it saves by some services over and above its normal duties.
Children, once they go to school, can connect with school savings banks, or special savings plans operated by banks or other institutions. But a child should _always_ be in process of saving, and should be put on an allowance as soon as it goes to school, and be trained to keep an account book. This is not only fun if handled in the right way, but business education.
It should be a principle rigidly observed with children all the way to maturity, _that no wish of theirs for anything valuable is granted unless they go through a period of expectancy and saving for it_.
Lavish giving of presents, even of toys, destroys valuable qualities in children, or hinders their development. Even rich parents are nowadays paying far closer attention to these things, as they realize that riches can unfairly ruin the young before they can become mature. Rich, spoiled young men are to be pitied rather than envied. The tendency of parents is to earn and save in order to lavish money on their children; whereas if they really love their children they will inculcate the will to save and the self-reliance which they themselves have attained.