subject: How To Encourage Saving For Children From Day One [print this page] How To Encourage Saving For Children From Day One
Encouraging saving does not need to be an ongoing struggle if interest can be engaged at a young age. One way to achieve that is to make it a game. Fun and novelty piggy banks are a useful tool when encouraging saving for children. They may in fact be too young to realise that this is saving, but as they get older they have already become familiar with the basic principle of putting money away.
Piggy banks have been around for years and there is a model to cover all tastes and preferences. Children from a few months old become attached to specific toys or cartoon characters on television. It is not difficult to find a source for piggy banks that emulate their favourite character. The more quirky and attention grabbing the money bank the better.
These money banks which come in all shapes and sizes are used the world over by individuals and those collecting for various causes. Children appear to have a fascination for placing coins in slots and encouraging them to do this with charity boxes helps to enforce the piggy bank habit.
Offering an incentive usually encourages children to save money. By offering a reward when they reach a certain target it not only encourages them, but gives them a sense of pride and achievement when they achieve it. Do not make the target too hard or put unreasonable time limits on the task. Always offer praise when a target is achieved.
Parents and relatives open savings accounts for a child before they are born. By encouraging the child to add to this account, sums of money received for birthdays, Christmas or other events throughout the years. They can build up a tidy nest egg.
Possibly the most effective way to encourage saving for children is by example. Parents, who regularly put all their small change into a jar or piggy bank and encourage the child to do it for them, are setting a good example and establishing a habit. This habit is likely to carry on throughout the child's life time.
welcome to Insurances.net (https://www.insurances.net)
