26 Apr Save Money, Honey! – Aloha Mind Math USA
Teaching your children how to save is an important step to prepare them for financial responsibility and a secure future. With a world filled with competition and the rat race, it is imperative that your child is equipped to deal with the real money world. Most of us take after our parents and emulate the habits we observed in them during childhood. Hence, parents need to act based on how they want your children to be when they grow up.
Here are some pointers:
- Making saving fun – Encourage kids to save and tell them they can save for their favourite toy, or book, or game, or whatever they fancy. Fun game, isn’t it?
- Set a good example – Show your child how you save money by putting money in a piggy bank. You child will watch you do it and are likely to follow in your footsteps.
- Match your child’s contributions – For every penny your child saved, match their saving by contributing an equal amount from your side. This can be a great way to encourage your child to save extra money.
- Make savings a goal – Once you know what your child wants to save for, plan how much he/she needs to buy what they want. Make a savings plan with them and help your child to learn how to plan and take care of his/her money.
- Open a savings account – If you have older children, and they are old enough to understand the concept of interest, you can open a savings accounts on their behalf .Explain the importance of banking and its operation
- Teach kids to spend wisely – Teach children the value of money and once in a while, let them enjoy their money by spending some on small purchases or by buying something they like.
- Praise your child – When your child saves, applaud them for the savings they have managed to build up. Encourage them and they will feel proud of having done such a good job!
Teaching kids to save goes a long way in instilling value systems in their characters. They will learn to value and respect their parent’s money, and will learn to do so when they grow up and make their own.
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