Teach Children Ways To Save Money

By Denise Baptiste

Friday, October 29, 2010, 15:53

Money, the second most important thing after love, plays an important role at the smoothing sailing way of our life. Money is an addiction which tempts you to enjoy it optimally but we often forget that money is not only for enjoyment but it is also a security. Thus, we should use it well but not misuse it. One of the basic aims should be to save money for the future rather than spending it off . Saving money is an art which should be mastered from childhood. Here are ways in which you can teach how to save money to your children -

1.Let Them Earn Their Allowance – Money for free is never valued, thus, let your children earn. Give them a task for a month and on successful completion of the task they get their allowance. They will treasure this money as it is hard earned and won't spend it off at one go. To have them earn their money, is the best way to teach them to value money.

2.Keep Account – Teach your children to keep an account of their spending, this will help them keep a track of how much they have spend and what is the amount they have saved. If the spending is more, they will know when to check it. Keeping an account is one of the best ways to teach your children to save money. A clear ideas of the account, will help them know how much they have saved and this will act as an incentive for them to save in future.

3.Judicious Spending – Saving money does not mean they are not allowed to enjoy their earning at all. Allow them this pleasure. What has to be taught is prioritizing. They should know what is necessary to buy and what is not. For this purpose help them make a list of things they need, then see how much fits in his budget keeping in mind the saving.

4.Make a Bank – The best way to teach your children to save money is to maintain a bank. Whatever amount he saves should be put in the bank and give him a book where you write down his balance. He should know how much he has saved each month, to initiate him to save the next month as well.

5.Gift – On a festive occasion, let him buy himself a grand gift with what he has saved. The whole amount need not be used but be generous enough to give away a lump sum. This will teach him the reason for saving and how saving can help him buy himself a grand gift.

These five point will teach your children to save money and will put him into the habit of saving for a lifetime.

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