5 Tips On How To Teach Your Kids To Save Money
A lot of teens nowadays do not understand the value of earning and spending money
. They keep asking and asking most of the times demanding for things too expensive that you know you can't afford them or they don't need. But they never understand and that is your fault parents. They were not oriented that investing and above all saving is necessary even if they are still students. As parents, you play a crucial role in this area.You should be able (or must) to teach your kids on how to save money. They should be able to understand the concept of money and investment as early as childhood. This will prepare them hopefully,to learn effective money management, as they grow old.
Here are some tips on how you can teach your children how to save money:
1. Your children should be educated of the meaning of money. Once your little angels have learned how to count, that is the perfect time for you to teach them the real meaning of money. You should be consistent and explain to them in simple ways and do this frequently so that they may be able to remember what you taught them.
2. Always explain to them the value of saving money. Make them understand its importance and how it will impact their future life. It is important that you entertain questions from them about money and you should be able to answer them right away.By any means do not avoid their questions,you don't want to make this mistake.
3. When giving them their allowances. You need to give them their allowances in denominations. Then you can encourage them that they should keep a certain bill for the future. You can motivate them to do this by telling them that the money can be saved and they can buy new pair of shoes or the toys they want once they are able to save.
4. You can also teach them to work for money. You can start this at your own home. You can pay them fifty cents to one dollar every time they clean their rooms, do the dishes or feed their pets. This concept of earning little money will make them think that money is something they have worked for and should be spent wisely.But be really cautious about this. There is a thin line between working to earn and working to help. You have to explain them with every detail that just because you are giving them a small ammount of money so you can teach them something doesn't mean that every time there is something needs to be done you will have to pay them.They have to learn and understand the difference between " I am working to earn money " and " I am working to help the others because I like and want to do it or I have to contribute in the family or the society ".
5. You can teach them to save money by giving them piggy banks where they can put coins and wait until they get full. You can also open bank accounts for them and let them deposit money from their allowance. You should always show them how much they have earned to keep them motivated.
Money and saving is not something that is learned by children in one sitting.Give them examples or try to teach them through games, this the best way most of the times. You should be patient in teaching them and relating the value of money in all of their activities. Children will learn this easily if you are patient and consistent in guiding them and encouraging them in this endeavor.
5 Tips On How To Teach Your Kids To Save Money
By: JAK DOE
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2024-2-20 10:41
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