Tips on How to Teach Your Kids to Save Money
The value of earning and spending money is no hardly being taught in school. Parents play an important role in this area. Money saving is best taught to a child accompanied the concept of money and investment. Not only will you prepare them to have money management skills but it is also a life skill.
Here are some tips on how you can teach your children how to save money:
1) As soon as your child is able to count, it is perfect for you to incorporate some money into the picture. Allow your child to learn the meaning of money, stay consistent and explain to them in simple ways. Do it progressively and frequently to allow them to be able to remember what was taught to them.
2) Once they get an understanding of the concept of money, explain to them the value of saving money. Make them understand its importance and how it will impact their life. It is important that you entertain questions from them about money.
3) When giving them their allowances, give them their allowances in on monthly or weekly basis. Then you can encourage them that they should keep track of spendings and savings for the future. You can motivate them to do this by telling them that the money can be saved and they can buy new pair of shoes or the toys they want once they are able to save.
4) You can also teach them to work for money. You can start this at your own home. You can pay them fifty cents to one dollar every time they clean their rooms, do the dishes or feed their pets. This concept of earning little money will make them think that money is something they have worked for and should be spent wisely.
5) You can teach them to save money by giving them piggy banks where they can put coins and wait until they get full. You can also open bank accounts for them and let them deposit money from their allowance. You should always show them how much they have earned to keep them motivated. Money and saving is not something that is learned by children in one sitting. You should 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 endeavour.