Teach Your Children to Save Money
A lot of children and especially teenagers today do not totally understand the value of earning and spending money. A large percentage have no concept that investing is necessary even if they are still at school. As parents or Guardians, you play a crucial role in this area of their development.
From an early age, teach your children how to save money and get them to appreciate and understand the concept of money and investment. This education, instruction will keep them in good stead as they mature.
Here are some tips on how you can teach your children how to save money:
1. Educate your children to the meaning of money. Once your children have learned how to count, that is a great time to teach them the meaning of money. Like everything when teaching your children the key is consistency and frequently so that they may be able to remember what you taught them.
2. Explain to them the value of saving money. Make them understand its importance and how it will impact their life.
3. When giving them their allowances. Give them their allowances in set denominations, this can help in them setting goals. Then you can encourage them that they should keep a certain amount or denomination for the future. You can motivate them to do this by telling them that the money can be saved and they can buy the toy they want once they are able to save.
4. Teach your children the value of working for money. Start this within your own home. Agree on a set amount or pay them an allowance for assisting around the house, or doing set jobs or chores. This provides them with a degree of satisfaction, knowing that they have earned their money.
5. Teach your children to save their money by providing them with piggy banks. Open up a bank account for them and let them deposit money from their allowance. Encourage them to set goals and to save for that special thing.
Money and saving is not something that is learned by children and indeed some adults in one sitting. Be patient in teaching them and relating the value of money in all of their activities. Children will learn this easily if you are patient and consistent in guiding them and encouraging them in this endeavor.
Until Next Time …