Teaching saving and spending habits

A child only sees the one use of money and how it is spent. This habit may be the black hole for their savings in future if they are not taught about the importance of that hard earned money. You can't do this by chiding them or forcing them. There are many ways you can encourage your child to save the money in their own ways.

    1. Piggy Bank is the First Step:

The basics of savings pass through the piggy bank for your toddler. He or she enjoys this learning experience. Get him a piggy bank, so that the denominations collected by him will be enough to buy something of his interest one day.

    1. Set a Saving Goal for Them:

They are children and you can set financial goals for them according to their expenditure. Ask him or her how many days it will take to raise enough to purchase a ticket for Kung Fu Panda show. Encourage your child to keep enough money to get that Transformer toy he seen at supermarket. A saving goal will show the child the importance of savings.

    1. Boost Their Morale:

Motivate your child towards savings by praising him or her on reaching the goal. Appreciate their efforts even if they haven't reached their goal. Expressions like Good Job, Well done! and Bravo! boost their encouragement towards savings.

    1. Lure Them on Saving Money:

Sometime bribing is good, especially to encourage somebody to do well. Offering a reward to your child on reaching the various savings level for example. A nice treat or a video game is worth it if your child has not spent for six months and built his saving.

    1. Be the Ideal of Your Child in Savings:

You inspire your children by applying various savings tips. You can share future plans with him or her which are built around your savings.

    1. Open Him a Saving Account:

Take your savings measures ahead by opening him or her an account in a bank, which accepts minimum deposits and provide kid friendly benefits.

    1. Mistake is the Best Teacher:

If your child want to invest his savings on something that is futile and not worth the money, then allow him or her to it. He will realize that he shouldn't have wasted money on that useless stuff. This lesson teaches him about the importance of money and a right way to spend it.

    1. Financial Literacy:

Introduce him to some basic economic tips with examples that he can grasp easily. There are many games available online teaching your kids money management skills.

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Posted in Health and Medical Post Date 09/13/2015






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