As adult we struggle to inculcate the habit of saving and investing consistently . We have our own strengths & weaknesses when it comes to spending.
The habit of saving is itself an education that needs to be introduced at a very young age. As a parent amongst so many other responsibilities that we have towards our children, teaching this habit is also very imperative. There are so many things that the parents , teachers and schools do to make the Children’s day very special for the kids. Would spending an hour or so with kids understanding the value of money help ? Yes it will definitely help us bring up money responsible children.
Here are few tips you can use to teach your children the importance of saving and value of money
In order to help them cultivate the habit of saving, introduce a piggy bank system for them to save the money gifts they receive from elders on different occasion.
Encourage them to set up a goal and save for it. It could be buying a toy that they want to have or have a get together with their friends
Teach them to distinguish between Wants & Needs. This is very important in order to develop a healthy and responsible spending habit.
All of us want to be provide unconditionally to the kids. We are struggling hard, working day & night in order to be able to buy what kids need. By doing so we are definitely not helping them understand the value of money. Create a points system or reward mechanism that will allow them to earn what they really want. This will really help them understand how they have to work hard to earn what they need.
As kids it is very natural for them to get distracted and deviate from the tasks that you give them to learn the money value. Help them to stay on track by incentivising and encouraging them for every small accomplishment.
This Children’s day, we urge everyone to have that money talk with your children!
We hope you find this post useful.
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