24/02/2018
How to teach your children money saving tips

 

 

 

There are too many children out there who do not know the value of money. They do not understand the concept of making money and the discipline of spending it. In reality, it is the parents fault; they need to educate their children about money right from an early age.This in turn will equip the children with vital financial management skills that they can carry into adulthood.

Here are some important tips that will teach children how to save money:

 

1. Educate your children on what money is; the earlier you do this the better. The best time to begin to teach your children what money is, is right from the moment when they begin to learn how to count, even though at that age they can only understand so much. Remember, It is very important for you, as a parent, to explain about money to your children in simple terms. When you do this frequently, it will eventually stick in their minds, and you can  rest assured that they will remember what you taught them even when they become adults

2. Take the time to really explain to your children the value of saving money. It is very crucial that you make your children understand the importance of saving. Make it a point to really explain to them just how saving will have a positive impact on their lives and their future. It is also very important that you encourage your children to ask as many questions as possible about money matters. No matter how ridiculous their questions may sound to you, be sure to answer every single one of those questions in a manner that will be easy for them to understand.

3. When your kids are old enough , give them  allowances in different denominations; doing this will familiarize them with the different denominations and the value of each denomination. Motivate them to save their money so that they can buy some of the stuff that they normally ask you to get for them such as toys, games, or that special pair of shoes they have had their eyes on, with their own money.

4. Get your children piggy banks where they can keep their allowances. Piggy banks are a great way to encourage young children to keep their money because filling up the piggy bank and waiting for it to become full will become an exciting challenge for them. Having a piggy bank will ultimately encourage your children not to spend their money irresponsibly.

5. Teach your children how to work for their money. You can easily start this at your own home by simply paying them for doing their chores. For instance, pay your children a specific amount for doing different types of chores such as cleaning their rooms, making their beds, putting their clothes away or even feeding their pets if they have any. This concept of earning money from their hard work will make them appreciate the value of the money that they have worked so hard to earn.

Following these simple money-saving tips will help teach your children how to save and manage their finances from an early age. However, you need to remember that your children will learn these important lessons easily if you are patient and consistent when guiding and encouraging them in this task.

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Sam Madi January 27, 2015
These are great tips.. And they work well. Kids will come up with funny stuff and they will literally ask you to pay them for anything they do. But all good for their future.

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