It is difficult to teach kids the importance of having healthy saving habits. But it is essential to inculcate this from an early age. Learning the importance of money in your formative years can have a significant impact on your later years.
Set An Example
Kids learn from what they see. If your kids see you saving diligently every month, planning out your budget and thinking twice before spending, they will learn the same thing.
The advantage with kids is that you are mostly working with a blank slate. If you set a good example, your kids will take after you. They will learn that this is the way of doing things.
Most of us had piggy banks while growing up. There is a reason this age-old technique still holds relevance because it works.
Buy a piggy bank for your kids and encourage them to save. It doesn’t have to be large amounts, instead just a few coins every week will work. In this case, it is the thought that counts.
Instead of just giving an allowance to your kids, you can turn it into a teachable moment and give them money in return for doing their chores or completing their homework on time. You can even use it as positive reinforcement and use it to reward good behaviour.
For example, if your child does well in a class test or wins a competition, you can give them an amount to reward the good performance. This will teach kids that it takes effort to earn money.
It is always easier to save towards a goal. For example, not having an ice cream today means they can have the money to go for a movie with their friends over the weekend. Help your kids inculcate this habit early on.
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Value Of Money
The main issue that most kids have is that they don’t understand the effort it takes to earn money. They can’t relate to the fact that adults have limited money, and they’ve got to sustain their families on that limited money.
If you can teach your kids the value of money early on, then half your work is done right there. Use situations to teach them not to waste, not to do impulsive shopping, and to stick to their budget.
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