When you're trying to teach your kids to save money but they just want to spend it all on candy!
We know finances, saving money, & paying bills sound boring, especially to kids, but it's one of those things that need to be taught at a very young age. Teaching kids how to save money helps them to be independent and understand its importance. Having a talk about it wouldn’t be enough but it isn’t very difficult to make it a practice. You can start teaching kids the significance of money through stories once they turn 3-4 years. And later you can make it a practice from 5-7 years of age.
The foremost thing you need to do is to keep tabs on how your kids spend their allowances, but you should also encourage them to do it by themselves. Let them set goals and make sure they spend their allowance wisely on the things they need. They can make a list of the things they want to buy and segregate it according to their budget after keeping a few bucks aside in their piggy bank.
Draw them in with entertaining monopoly games and show them the best methods to manage their play money. It aids in their understanding of how to grow and save money. Additionally, they will learn about transactions, rent, income, budgeting, and negotiating while having fun and using math.
The best way to make your kids understand the importance of is by giving them the opportunity to earn. If you own a business or are self-employed, you can include your kids to be part of it and assign small works. You can pay them accordingly. And even if you don’t own a business, you can assign them house chores and encourage them to earn their pocket money or allowance once they complete the task.
One of the best ways that can make your tots save money is definitely a one-of-a-kind attractive piggy bank! You must remember how fun it was to store it in a house piggy bank back in the day! Well, there are more varieties now & choosing the one that interests them will help them save money (because it's fun). And if they are older, you can open a savings account at the bank and get them a kids friendly debit card (will be issued to kids between 7-18 years) which also allows you to monitor the purchases.
One of the best ways that would make them excited about saving money is to reward them some extra bucks if they have saved some major part of their pocket money. But do note that it should not be too high or too low.
You can also tell them stories of how you saved and bought something when you were young (like a bicycle) because they look up to you and would like to give it a try as well.
Try these few tips and implement them as a part of your kids' daily routine and help them lead a stress-free financial life when they grow up!