Kids do not understand the value of money unless elders make them understand. At the same time, it is quite challenging for parents to teach kids and inculcate money-saving habits.
Your kid may demand a costly toy or a gadget. And he or she does not know how much hard work you have done to earn that money which you will be spending on that toy. Also as kids are so cute and innocent sometimes even parents feel it difficult to say ‘no’ to them.
Today I’m going to tell you some easy ways that will help you to inculcate money-saving habits in your kids’ lifestyle. So help your kids so that they don’t suck at saving money in their life.
Teach your Kids to About Money as Early as Possible
Well, there is no specific age to start saving money. And for parents, kids always seem younger. So what is the right age to inculcate money-saving habits in kids? – I feel 5 to 7 years old kids should start to understand the value of money.
You can even start it before. If your kids are around 3-4 years old then you can just tell them the importance of money through stories.
6 Interesting Ideas that help Kids to Start Saving And Earning
Kids do only those things that they find interesting and enjoyable. And I’ve seen that even some adults also feel it boring when it comes to saving money. But money is such an important thing in life one should manage it well.
Here I’m elaborating on unique and interesting ways that you can practically implement while teaching kids to save pennies and also to earn some.
1. Reward them often when they save the major part of their pocket money
Parents always give pocket money to kids but parents should keep a tab that how kids are spending that pocket money. As a parent, you don’t need to be so hard on your kids but encourage them to save more money.
You can tell your kids that you will give them extra dollars if they save a major part of their pocket money. But remember that the rewarding amount should not be too low or too high. By this kids get happy and they try to save more.
2. Help them to set money goals
As a parent, if you share your life’s journey as to how you started to save money as a kid this will help your kids a lot.
Even my parents told me a lot of incidents about their childhood when it comes to money. This helped me to know the value of money in my childhood.
For example, you can share how you saved money and bought your favorite bicycle in childhood. This helps your kids to set their money goals.
3. Give them an attractive piggy bank
In childhood, I had a piggy bank of puppy house. When I used to put a coin near the door and press the button the puppy used to come and take that coin inside. This was fun for me. This way I used to save more coins.
Like this, you can give a very attractive piggy bank to your kids so that they use their piggy bank often and save money. Nowadays there are so many fancy and affordable piggy banks that kids love a lot.
4. Give the opportunity for your kids to earn money
If you are self-employed or doing any business then you can give small opportunities for your kids to work with you and earn money. By doing this they will understand that it needs hard work to earn money. They value money.
And it’s not necessary that you have to be self-employed as a parent to do so. You can give other house chores and tell them that they will be given extra picket money if they do some chores. This helps kids to be independent.
5. Tell them real-life stories of other kids
Well, comparing your kids with other kids is not good. But there are very inspiring kids on this planet who will inspire your kids if you share their success stories with your kids.
Tell them examples of other kids how they are earning money as kids and how they have become financially independent. Such stories encourage your kids to think differently and do something great in life.
Your kids also try their best to be financially independent soon.
6. Gift Your Kids Money related Books
Initially, you can gift them simple storybooks to insulated reading habits. And as your kids start to grow up you can gift them money-related books. This helps to improve their knowledge.
Well, I’m not saying that you have to gift money-related books that are not interesting. In fact, you have to choose very interesting books because your kids should read them and understand them.
For example, in the book Rich Dad Poor Dad. This is a very interesting book.
This is how kids learn the saving habits well without getting bore. As a parent, you can implement these ideas quickly and easily without much effort. So now it’s time to discipline the lovely kids and help them to have a bright financial future.
Make Your Kids Champs in Money Management
Money-saving and money earning are such important topics that parents should discuss with kids. If you are not going to discuss then who else, right?
Also, every month have a friendly discussion with your kids about their spending and saving. When you feel that your kids are overindulging in spending, guide them with love.
As a parent, you have to expect money mistakes from your kids. It’s good to be realistic while teaching about money to kids. Help them to understand which type of spending is worth it and which is not.
Money-saving, money earning and overall money management is an art. If you teach such useful art to your kids then lifelong your kids will thank you.
So now go and implement these ideas and tips practically. Let your kids learn the value of money.
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