Saving For Child To Provide For Their Future And Encourage Responsibility
Saving For Child To Provide For Their Future And Encourage Responsibility
From a very young age, children are capable of learning valuable lessons. They are quite capable of understanding that they want particular toys while shopping, but no is difficult for them to accept at times. Young children are usually not receiving an allowance like older children, but they can understand explanations of waiting until money is available to purchase wanted items. Saving for child in order to provide for their future and to encourage them to be responsible should begin very early.
A change jar is a good project that can involve the entire family and teach even young children that pennies can make a difference. Make sure the jar chosen is large enough to accommodate a lot of change or it will require several jars. The entire family should decide what the money will be spent on like a trip to a favorite amusement park or perhaps somewhere out of town for an educational museum trip. Children save money best with they are focused on a goal they really want.
Remember that the patience of younger children is not the same as that for older ones and choose a trip that is well within reach in a reasonable time period. Every member of the family is to place their left over change for the day into the jar and sit back to watch the money accumulate. It can be fun for the kids to research the amount that the trip will cost as well. Before everyone realizes it there will be more than enough money to make the trip and the children will have learned a great deal about saving.
Kids can also enjoy learning about the stock market and making investments to save for college or a car. Many stocks will excite even young children if the proper companies are selected such as toy companies, game developers, animation developers, etc. Purchasing a few shares is quite inexpensive and when the stock goes up or splits it is exciting and when stock drops it is a valuable lesson as well.
It is important that children not have the impression that money is just something handed to them whenever they request it. They should be allowed to earn money by doing tasks. Whatever the task, it needs to be something that they can handle at their age and even if not done perfectly the important thing is that it is completed in order to be paid.
Things that are earned seem like they are much more valuable because it has taken more effort to get them. Children who earn their own things will generally take better care of them as well. Kids can learn the importance of work ethic and how valuable saving that simple penny can be. Saving for children is an very important lesson, so as a parent make sure you consider how you are going to teach them this.
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