Hey Guys ,
Welcome to my new blog 🙂 How you all are doing?
We all are Very much aware with the importance of saving in life, but the problem is we start really late. Till the time we understand the importance of saving we lose many opportunities which could really help to achieve financial stability. Impulse buying and spending way too much than needed at an early stage, leave us with regrets in future.
Thus it is important to Inculcate the habit of savings from childhood. Remember, practices we learn in child hood remains with us through out our entire life. There is no right age of teaching any habit to children It depends on the parents when they want to start.
According to me, when your child starts to demand things it is the right time to start teaching them the Importance of saving. My daughter is too small to understand this concept but still, I started taking very small steps which can help me in future to inculcate this habit of savings in her.
Thus today I want to share my experience and tips which can help you with developing the habit of saving in your child.
So without further ado, Let`s get started 🙂
BUY THEM A PIGGY BANK
Those cute little piggy banks can become a favourite thing or toy for your kids. Buy them a piggy bank, Introduce them the concept. If your child is small, give him/her coins to put in there. It will also help in their gross motor skills on top of that they will start enjoying the sound it makes.
Initially it will be a game for your kid but eventually, they will understand the concept. My daughter loves her piggy bank. When ever she gets any money she put in it and also she collects coin to fill her piggy bank 😀
GIVE THEM POCKET MONEY
Once your child is mature enough to understand the concept of buying things with money, Start giving them small pocket money. A Small amount every week would be sufficient. Ask them to put at least 30%- 40% of their pocket money into their piggy bank and rest they can splurge on anything they want.
Who doesn’t like to get rewarded? Whenever your child saves any amount of money give them some rewards by adding some amount from your side lets say if in a week your child saves Rs 100/- Add Rs 50/- or 100/- in their saving jar. When you add reward money and double their saving, you are not only helping them realise their demand but also promote them to save in future, as they now know patience and systematic saving rips more return.
MAKE A ROAD-MAP AND KEY MILESTONES
Imagine your child demanding for the battery operated car he saw in a shop or that first lady bird cycle your daughter would like to own. As a parent, start with a discussion and understand the rationale behind their demand.
If you feel the demand is rational, instead of putting hand in pocket and extending a hand full of money, make them get into a deal with your and ask them to put a portion of their pocket money each month (month on month) and promise them that for each penny they save you will contribute equally at the end of each month. (They save 100 bugs, you add 100 more to make it 200. Fantastic!!! Isn’t it)
Ever Wondered what will we as Parent achieve out of this exercise?
Interestingly, you are teaching the biggest lesson of life to your child. When you instead of being readily available with money the moment they demand something, asking them to make a road-map and save for couple of months will help them understand that everything in life comes with a price tag and one has to earn to own it.
It may also happen that a child made an impulsive demand which may no longer be his interest after a month. Yippee !! You made the child realise this without rejecting his demand in the first place by making wait and save for some months. Great, Isn’t it?
“WHAT WE INSTIL IN OUR CHILD WILL BE THE FOUNDATION UPON WHICH THEY BUILD THEIR FUTURE” – Steve Maraboli
Thanks for reading. I hope you find it helpful. Any tips you want to include please let us know in the comment section below.
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