No matter what age you’re kids are if you haven’t yet started teaching them how to save, you got to do it right away. The earlier your kids know the importance of saving, the better it is not only for them but you too. SO here are a few ways which you can try out to teach your kids to save. Read on:
Talk to them
Most parents brush off this topic when they’re around their kids, saying they just won’t get it. But you’re wrong. In fact, it’s healthy if you talk to your little ones about the finances and explain to them the financial decisions you make and how they would work and benefit all of you. This will make your child smart and help him to carry this financial knowledge and take intelligent financial decisions ahead in life.
A piggy bank works wonders!
Get a fancy piggy bank of your kid’s choice and explain o them how to use it. A piggy bank is the most creative way to convince your kids that saving money means accumulating the money and using the fund when you really need something. Encourage your kids to drop in some savings into the piggy bank at least once a week. And don’t give in to their pleas to open it up – tell them the more patient they are, the more money they will have in their hands.
Set aside funds
Suppose your family plans to head on for a trip abroad, get a travel-fund piggy bank for each member. In this, all the money you would be spending while vacationing in the land of your dreams would be put in. The fact that everyone is adding something to their banks will encourage the kids to do so too. You can apply the same logic if the kid wants a toy or something else also. Ask them to create funds they can later redeem.
Act like you would want them to
The best part about kids is that they love emulating their parents. This means that if you act responsibly, your little one will, too. So make sure your financial transactions, savings, and other decisions are prudent enough for your kids to follow. Remember, they watch and learn!
Ingraining this habit in your children may take a while, but it’s all worth the effort!