Saving money is an important aspect of everyone’ life.The money which we save over a period of time can be used in various long-term goals of life. Long-term goals like getting higher education, buying a home, marriage, vacations and medical emergencies involve a huge amount to be spent.
Many times, it becomes impossible to arrange such high amounts on an immediate basis. Therefore, the need for savings arises where you keep on putting aside small amounts on a periodical basis from your earnings and saving it.
Gradually the small amounts saved become a big amount and helps in meeting out the expenditures as mentioned above.
Now, when we have understood the importance of saving, we must also understand the importance of inculcating the habit of savings among our kids.
Following are the methods that we can use to motivate kids for adopting the habit of saving money
1) While allotting pocket money to your kids, make it mandatory for them to save a fixed portion each time. You can bring them a piggy bank and open their bank account where they could deposit their saving every month.
2) Reward them if they are able to save more than the mandatory limit. If one of your kids is able to save an amount more than required then you can reward them with a gift or by putting the same extra amount from your side in their piggy bank or bank account.
3) If your kid wants to buy a gadget or any costly thing then make it a rule that they can buy it only from their saving money. You may also split this amount into 50:50 or any other desired ratio. The point is to make the kid understand that they can make their big purchases if they save money.
4) Make a rule for the kids to save the money which they receive as gift on occasions. The money which they receive on their birthday, any festival and gift by any relative should be saved by them.
The point of inculcating the habit of saving money among kids is important because good habits are supposed to be developed from childhood only. If the kids understand the importance of saving money and how it can help them in the future then this could help them in developing their future.
Make sure that they don’t become a miser while getting into the process of learning to save money. They should learn to spend wisely.
https://parilifestyle.com/teach-the-importance-of-money-to-our-kids/
These are great tips dear and I agree that if we start early to teach our kids importance of saving money at young age, it benefits them a lot in future. give them reward and inspire them to save money for their buying their favorite gadget or game is great way to teach them about money saving aspect.
Again very informative and helpful topic . To inculcate the habit of saving at very early stage is good for kids as well as for there future & loved all the nice ways you mentioned in the article.
The early they learn the aspects or benefits of saving money more responsible they will be towards life. This in turn will make the life easy and smooth for their growing ages
Saving is a good habit for all. And that’s good if we teach our kids about saving or respecting money in early age.
I completely agree that if we make the kids learn the importance of saving money at an early age ,it will go a long way and they will become more responsible. Very nice tips .
Saving money for the future is a wise decision that must be inculcated from the start. Thanks for the reminder. Will use your tips and encourage my kids to save
This is so true. I agree about saving money for the future is a wise decision. Our make the kids the important saving money at early age. This is very nice information. Thanks for this
I agree that if we start early to teach our kids importance of saving money at young age, it benefits them a lot in future. Great thoughts.
This is something I m completely agree with your all points.yes, it’s really important to make the habits and overall mindset.
Financial literacy especially for children is so important. I’m glad to read this article knowing that more and more people are getting aware of its importance. Building the next generation’s character and values on how to handle money is something that should be taught. Love this article!