It is very important for parents to teach children about the importance of saving in their early age. Actually, the children can learn nominal counting. Additionally, the parents can also teach the children to appreciate money. Teaches saving to children from an early age will provide benefits in the process of forming his character.
The parents need to know the right way how to teach saving to children.
Here are 7 precise ways to teach saving to your children:
1. Introduce Money to Children from Early Age
The introduction of money can be done from one to three years old children. Children can be taught by saving money in a piggy bank.
According to moneycrashers.com, young kids might not understand everything you discuss, but that’s okay. They don’t understand all the words in the stories you read with them either. That doesn’t stop you because you trust that they’ll pick more up with repetition and age.
2. Give Children Understanding between Need, Desire and Hope
With an understanding of the needs, desires and wishes given, children can be wiser in sorting out what the money is used for
3. Do it Consistently
In the process, saving what is important is consistency, not only in a certain time.
4. Introduce Financial Goals
This is a very simple effort, parents can ask various items desired by the child and invite them to set aside some money to get the item.
5. Take the child to the bank to open an account
This can be done when the child’s age is sufficient, i.e. when they have entered school age at the age of 6 years. By being invited to a bank, the child will have an interest in saving and opening his own account there.
6. Give Weekly or Monthly Allotments
In this way children will get used to managing their own finances, how they can survive in a certain amount of time with the amount of money that has been determined.
7. Embed Record-keeping Habits
The importance of taking notes is that children can manage finances neatly and regularly, one of which is to make regular notes about the income earned by the child and the expenditure of the money.
Read more: Managing Money Tips for Single Women
