Teach children to save from the very beginning
Teaching kids to save money is extremely important nowadays. The art of saving, from a
pretty young age would not only be a learning curve for kids at school, but it could also
teach them to manage their finances in the time when they grow up. As parents have the
biggest influence on what their children think and do, they can teach them better than
anyone else how to manage money wisely, save it and spend on useful items. One could
actually say it is their duty to do so, and to fulfil that purpose you will have to devise various
learning systems. Let’s go through some interesting ideas that could help kids learn and
save money in easy and fun ways!
1. Coupon collection
Setting goals for buying something is basically the main purpose of the process. As a parent,
you can design certain rewards for your kids when they do some household chores like
tidying up their room or putting all their toys in one single place. They would get coupons for
each task, and later on when they want something extra, e.g. when your kid might want to
watch a movie, then he or she must trade coupons to watch it. Saving coupons will help
them understand that saving short-term or long-term could help them get the things they
really want. As your child grows up and you start giving them allowance, place a jar in their
room and tell them to fill it up with their savings, for whatever they wish to buy.
2. Shopping sensibility
When teaching your kids how to save, make sure to show them the ways of frugal living.
Actually children follow your example, so try and make your shopping habits as good as
possible. For instance, don’t forget about special deals and coupons. There’s plenty of
products you can get for a much lower price than usually if you only research right. Visit
such sites as Savings.com or Discountrue and look for coupon codes that are available
practically for any shop you can imagine – Nordstrom, Kohl’s, you name it. Tell your kids how
to be a savvy shopper and strive not to overpay. After all, why should you pay more when
you can pay less?
3. Budget setting
It’s quite important to have the knowledge of how much budget you actually have, and then
appropriate it. For the sake of budget planning, you will have to sit down with your kids and
discuss in detail to prioritize what they need. It might be a difficult task as children have a
hard time understanding their needs and wants, but this is exactly what this process is about
– teaching them. Have a patient talk and help them identify their needs, make it easier to
understand how to work within a limited budget.
4. Saving before spending
All in all, the crucial thing that you need to teach kids is the importance of saving before
spending. After you’ve managed to establish that important habit in them, they will easily be
able to grasp all the necessary aspects of a financially healthy lifestyle. With all these steps,
your kid will learn to save money as he or she grows, which is the most important factor in
making sure that they have learnt a lesson in life from a pretty young age and become a