Teach Your Child The Art of Saving
Raising a child with right morals and right teachings is not at all an easy task, especially when home is the first school where child learns everything. Children’s are the most delicate piece of art god has ever created. They learn to eat, drink and even to spend or save money. Because parents are their source of inspiration they absorb everything that they see. Hence at early age it is necessary for parents to teach them to become savers and not spenders. But before teaching them the art of saving it’s important to make them realize the importance of saving at the right age of life.
Children learn a lot by just watching you and how you deal with money. Spending, saving, withdrawing or donating money: they’re all chances to teach your child more of the basics around it.
Teaching, guiding and showing children how to handle money is a really worthwhile exercise as it’s also a practical way to develop their sense of independence, confidence and self-esteem. With this you are also teaching them a very important long term life skill too!
Help your children learn the differences between needs want and wishes as this will prepare them for making good spending decisions in the future.They also learn about money from the way you speak about it too, so just start to notice how you talk about money in general in front of your kids and decide if that’s really the message you want to pass on to them, regardless of how old they are.
Giving pocket money at the right age will help them manage finance. They understand that they need money to buy things and hence they wouldn’t spend the whole money until the next payment time which will automatically teach them ways to save money on unwanted chocolates and candy’s.
Give them money like a reward. Like ask them to complete some task like washing dishes or cleaning their own room, this would help them in learning to getting paid for what work they did and eventually teaching them to work harder for greater profits. Also when children’s are given pocket money ask them to save some amount in order to get double pocket money in their next payment. This would urge them to save money but make sure the amount is less so that they don’t become greedy. And learn to have patience.
With parents it’s also a child who deals with ways to save money. Generally children’s don’t give a thought until they really want something. This is a good way to ask them to spend their saved money on what they really want.
Children are the most notorious and happiest of all human kind and worry is a word they don’t understand therefore it’s immaterial for them to worry if they would have financial debts in the future. But once they understand to save money you can give little tips to save their money.
- Ask them to get a small piggy bank and deposit their saved money in that piggy bank and keep it at a place where the child doesn’t see it regularly but ask them to deposit money regularly. Like one day one rupee.
- Ask them to involve in activities that wouldn’t include investment like playing in the parks or at the friends place or for that matter your place. Ask them to not invest on things that are freely available like water.
- Ask them to tell their friends about saving money so that they don’t urge your children to spend. For this you can even ask them to compete in saving. Children’s always love competition. Competing in saving would make them more dedicated.
- Ask them to prepare a small kind of budget when they get their payment this would help them in organizing things in which to spend.
- Ask them to never invest their money on food items like chocolates and candies tell them you are there for all the food items they would want. Tell them to save for something more like a gift or a comic book or a toy
- Ask them to count their savings every week. This would encourage them and also would make them feel more independent
Children learn by looking at you make sure your behavior and attitude towards finance is worth learning!