Saving is a life skill that is not easy to learn. For this reason, the habit of saving should be inculcated in children right from their growth years. By learning saving skills, children can do a good financial planning for themselves when the time comes.
If the habit of saving is not inculcated in children at an early age, then it becomes difficult for children to save and control their expenses. When it is so important to inculcate the habit of saving in children, then why not teach children to save with the help of these 9 tips?
How to teach children to save?
1. Saving habit in children: Explain the importance of money
Explain to the children how important it is to save this money. Tell them how much hard work it takes to earn every rupee. Also, tell them how the money saved can be useful to them in times of inflation.
2. Money Saving Tips: Differentiate between wants and needs
To teach children the importance of saving, first explain the difference between wants and needs. Explain that basic things are called needs, such as food, shelter, clothing, health, and education. Watching movies every week, buying the latest smartphone every time, buying something to match someone, buying something to show people, all these are included in desires and extravagance.
Tell them that money should be spent considering how important that thing is. Spending should be done on that basis only. For example, it is not necessary to eat ice cream every day, so by not eating ice cream for a day or two, they can save 20 to 40 rupees, and from that they can buy a good pencil or any other necessary thing or can save it for the future.
3. Saving habit in children: Give opportunity to earn money
You can give children an opportunity to earn money to make them understand how money is earned and how important it is. Ask him to give you Rs 20-30-40 for any household work.
Such as giving money in exchange for taking clothes out of the washing machine, cleaning your own shoes, and wiping the windows of the house. This will make them understand how much hard work is required to earn money and that they should not spend it casually.
4. Money Saving Tips: Give your child a piggy bank and a piggy bank.
After explaining so much about saving, give the child a piggy bank or piggy bank. Ask him to save some of the pocket money he gets every time or the money given lovingly by other family members and keep it in that piggy bank.
From time to time, keep asking the child how much money he has saved and how much money he has put in the piggy bank. When the child starts filling his piggy bank, he can also open his savings account in the bank.
5. Saving habit in children: Set savings-related goals
Saving should be done, wasteful spending is wrong, if the child does not understand things even after explaining all this, then set savings-related goals for him. For example, if he wants a toy, then tell him that the price of the toy is this much and you have to collect this much money through pocket money and rewards in a month or two.
Tell him that when you collect this money, you can buy his favorite toy. Meanwhile, if he wants to eat ice cream or chocolate, tell him to use his savings only. With this the child will understand the importance of saving.
Saving can be explained to children with the help of activities and through conversation. It may take some time for children to understand all the things related to saving and make it their habit, but gradually they learn to save.
During this time, children will have to be repeatedly told about savings and the benefits related to savings. You can also make the child a part of the household savings plan, this will help him understand things better. Be patient with all of them and treat them lovingly. Happy parenting!
