10 Ideas To Teach Your Child About Saving
Actually, as our children grow, many questions about money arise in them : How can they get money? What can they do with it? But the most significant thing is to save it. So take into consideration these 10 ideas to teach your child about saving.
It is extremely important that we take savings into account. That from an understood age of maturity and understanding in our children the importance of saving money is explained to them. Perhaps they themselves live all that we parents have to do to save and make more money.
The best way to do this is by including them to watch what we do so they have better comforts, education, food and clothing. Since then you will be teaching him appreciation and planning to save his own money when he has it.
There are tons of ideas to teach your child about saving, but by having the most important ones available, your results will be greater. Now, take into account mainly the age of your child, to know how you can explain and teach him. It is advisable to start dealing with this issue from the age of 11 years.
It is the age where they are most eager to know any type of subject, to want to learn and be independent, from that age you can implement your 10 ideas to teach your child about saving.
Ideas for you, teach your children how important saving is
You can start by stipulating a monthly amount. As soon as you make the decision, explain what a monthlyity is and what you can do with it. In this way you will be teaching him the importance of the money that he is going to receive monthly.
1. Money is limited
It is very important that with home practice you show him that money is very limited. For example: take him to the supermarket one day, ask him what is more important for him to buy, a cookie for his snacks or bread for everyone’s dinner at home. At that moment he will understand that he has to know how to choose very well what to spend his money on.
2. Money goes fast
As if that were not enough, many children do not know where the money comes from or what we parents do to get it. We have to explain how we earn money and how fast it goes, in this way we are teaching them to value and save money more.
3. Saving starts with good planning
Also, choose a day, preferably that is at the end of the month, so that together with your child or children they plan their expenses. What was their money spent on? Was it necessary? So they will always keep in mind that planning will be their best savings alternative.
4. Saving improves with a spending account
Another idea is, for example, that you advise them to write down their daily expenses. The idea is not to appear strict parents but to teach them that for the money to work it is necessary to keep an account of the expenses. Just like mom and dad do.
5. Saving always has advantages
Therefore, your ideas can be very practical. For example, show him the advantages of saving and that his parents always buy what they need and what is most important to have at home, such as a bed for their rest in good condition. Set goals, save for what you want most. It could be buying a video game.
6. Teach the value of money
Along the same lines, depending on the age of our children, we must teach them the value of bills and coins and what you can get with each one. Not all coins and not all bills are the same, so it is important to know what the value of each one is.
7. Learn to buy alone
On the other hand, little by little their skills in numbers will increase and they will know how to buy for themselves. For example, teach them how to spend money, how to plan and that when you have money, it is best to save it and think carefully about what to spend it.
8. Only spend what you have
They usually don’t understand why they just have to spend their money, and they wonder what if it doesn’t reach me? This is where the point of creating a habit for them comes in that they should only spend what they have, not more, or learn to raise money for it. But, you can also make agreements, you can lend the money that he needs but make him see before that he must return it in his next payment.
9. The saving message has to be clear
In addition, the stage of teaching them about saving can be very hard, usually at their age they are not right and many times they want things to be as they want. Explain that it is essential for him to go to school with notebooks and clothes than to have the best video game. It is a matter of getting the message.
10. Be their best example so that they follow what you do
The last tip to teach your child about saving and achieve this whole process and that our children develop it in the best way, is the “example”. Actually, it is the best we can do. Start first with ourselves that our behavior is the best to be able to teach them.
In this way, they see that you cannot save they will not have an adequate pattern. For this reason, it begins with you and ends with them, teaching and example is the best you can give your children.
