Here’s How to Motivate Your Kids to Save Money for Their Future
Having some amount of money in your emergency fund is imperative. Still, there are a lot of people who learn the importance of emergency funds when life hits them hard. Schools don’t teach children the importance of savings. As a result, when growing up, you are left off to look after yourselves on your own. There is no surprise that educating your children about saving money is quite a task. Most children want to spend their money as soon as they get it rather than save it for later. Looking at the current situation around the world, COVID-19 has brought great uncertainty about the future. It has become even more important to educate your children about money management. Here’s how you can empower your next generation by creating awareness from a really young age.
Begin From the Basics
Research has shown it is better to start your child’s financial education process as early as you can. Educate your children about how the money system works before they turn seven. Introduce them to the notes and coins. Demonstrate to them the meaning of money. If you are paying for something through debit or credit card, tell them you are using money to make those purchases.
Give Them a Piggy Bank
If you want to start off in an easy way, gifting them a piggy bank is the best way to do it. Make savings a fun journey. Gift him a cute piggy bank, maybe a cartoon character that he loves the most. Motivate your kids that your goal should fill it up with notes and coins you receive until there is no space left. Explain to them its purpose as well – that you are keeping it for the future.
Teach Them to Set a Target for Their Savings
It gets hard for children of their age to understand the whole idea of saving. There is no use to save without any end goal. Changing your child’s wishes into a savings target is the best way to push them towards savings. If your child wants to add a new car toy to its toy collection, ask him to put aside your money to buy it in the future. Set a time period and amount for him to achieve his target. This will act as a motivating factor.
Lead by Example
Children often follow in the footsteps of their elders. The best way to teach them about money management is to save at your end as well. Keep a money-saving jar for yourself as well. When shopping, show them how to choose wisely as to what will be considered as the best purchase, something that is pocket friendly. Repeat your actions every time you receive your pay, keeping aside a portion of it in your jar. Tell them how you are saving for their further education.
Appreciate Their Act of Saving
Boost up their confidence and make them feel good about their gesture every time you see them putting aside some money in their saving jar, no matter how big or small the amount is. This not only strengthens their self-esteem but encourages them to continue doing so.
Create Ways for Them to Earn Money
Teach your children how money is earned through a practical example. Show them that earning is not as easy as it seems. Sometimes the reward you get is small considering the amount of effort you put in and you won’t always be happy about it. Ask your kids to perform a certain task at home to get the allowance. Teach them the hard way.
Teach Them About Smart Spending
Children should know to spend wisely, staying within a budget. They should be able to manage the money they have at hand and if they want, ask them to take upon tasks around the house. This way, they will think before spending.
It is never easy when it comes to dealing with children. It takes a lot of patience to handle them and their questions. It is essential that you make your children responsible from a young age so that they live a peaceful life when they grow old. Every parent has their own way to motivate their kids. Based on the tips above, devise your own strategy so you can motivate them in a way that is most effective.
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