Parenting

Top Tips to Teach Your Children the Art of Saving Money

Nowadays teens spend money like a lot without understanding the importance of it. And, it is most of the parents’ concern that their kids suffer a lot in the later. But, as parents, you have a crucial role to play in making you children ‘save money’.

You have to teach your kids the concept of money and investment in their childhood itself. This will prepare them to manage their money well, as they grow old.

Here are some tips on teaching your children how to save money:

  • Teach your children the meaning of money. Let them count the money, this leads them to understand real meaning of money. Explain this to them in simple ways, that too frequently. This makes them remember what you taught them.
  • Explain them the value of saving money. Question them frequently about money, and answer their doubts right away.
  • Let them understand the work money link. This is very simple. Pay them some amount every time they do some work at home like cleaning their rooms, daily chores, etc. By earning little money like this they will learn money can be earned only by working, and so should be spent wisely.
  • Teach them saving money by giving them piggy banks where they can put coins and wait until they get full. Also open bank accounts for them. Anyway nowadays banks have some special saving schemes for kids. Ask them to deposit some part of their allowances. Keep showing them how much they saved to keep them motivated.

Remember that children cannot learn saving at one go. It takes time for them to understand. So keep teaching and at the same time BE PATIENT.

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