We all want the best for our children and more often than not we find ourselves looking for solutions so as to teach our little ones important lessons that will get them ahead early on. Teaching them about money is essential, so in saying that check out our tips and tricks that will help them learn about money saving.
#1 BE A GREAT ROLE MODEL
The most respected way in which people learn is from a great example and children are no different. If children often see you and your partner heatedly discussing money problems at the end of the month you can be sure they will take note as they do with everything. Pay attention to how many times you flash your credit card at stores when they are in your presence, and instead swap it over with actual money so they can experience all aspects of spending and saving money.
#2 SET RESPONSIBILITIES
Once again, as with adults, children will often respond responsibly when they have responsibilities to live up to. Sit them down and have a chat about the chores that need taking care of within your household. Depending on their age agree with them so as to what they can contribute with around the house. They can earn a wage if all of their chores are completed at the end of the month and you can discuss together how they will allocate their earnings in terms of spending and saving.
#3 SHOW THEM HOW MUCH THINGS COST
Taking them out and about to the shops is great when it comes to children experience spending money. Next time you do though make sure you emphasise how much a certain product costs. When they find something they like, have them take their earnings from household chores to spend. When they select the toy they want have them physically hand over the money to the person behind the counter and receive the change. This will imprint in them the importance of managing money than giving them a lecture about it.
#4 USE A LARGE CLEAR JAR TO SAVE
There is no greater motivation than watching your money tree growing. Opening a bank account is essential and having a piggy bank may be fun, but a clear jar will give them the visual motivation like nothing else. They will see that today they have saved three dollars, but when tomorrow rolls around they will have five dollars and counting. This will make them want to put more in there and will instil a sense of pride and self-confidence.
#5 THE GIFT OF GIVING
Help them find a charity that they might feel somewhat connected to or even strongly about. This will allow them to learn about giving back to the community and build on their empathy levels. Soon they will discover that giving does not only have an effect on the person receiving, but it will make them feel great about helping others too.
Follow these tips and you will surely have a thrifty child that will be able to manage their money once adulthood rolls around.