Childhood is the right time to teach kids the value of money and the virtue of saving. It’s the age when they listen, understand and absorb what is being told to them or being shown to them – so make use of this golden period. You sure don’t want your kids to grow up to be spendthrifts and those not valuing money. So start right away. Here are a few ways which you can use to inculcate the habit of saving in your kids. Read on:
You need not keep the financial aspects of your home hidden from the kids just because they’re too young to understand. Making kids sensitive towards money issues is just as important as making them sensitive to other issues. They may not understand everything you say, no matter how much you simplify it, but still, sharing these lessons helps, especially in the longer run.
For all the little tasks they do, make sure you pay your kid some allowance amount. This way, they will have their own money and will know that they had to work to earn it. You can allow them to use the money as they wish to, with the condition that they will save a part of it too.
Be what you’d love them to be:
Kids imitate every action of their parent – so if you want to get them to do something, you would have to begin doing it first! Sometimes mere explaining doesn’t help – so let them watch and learn their lessons. That’s the best you can do to convince them!
Get the most innovative version of this or a simple one – that doesn’t matter! The fact that your kid will be gleefully watching his saved pennies slipping into the piggy band slot is a delight. And you know you’re kid is learning his lessons too! Encourage your child to drop all the money he has saved into the piggy bank until there is no room in it.
Apart from a piggy bank, you can also have savings jar. For example, your kid wants the newest, updated version of any of his favorite toy, don’t give it right away! Give them a transparent penny jar and ask them to contribute a part of their savings towards this jar, so that they themselves can buy what they wish to with the money they’ve saved.
Hope these tips help!