Teach your children to save

Teach your children to save

Inculcate your children the wise habit of saving, although children do not have much knowledge of money, crisis or economic problems of their parents, it is good that from very young children learn to manage their money and save.We all remember those piggy banks of small toys like little pigs that tossed some coins through the slot with the hope of buying some toy we wanted. The truth is that these customs began to educate us, showing us the way of saving for which we had to enter our adult life.

Now, we are the parents and we are responsible for teaching this philosophy to our children. We all want our children, in addition to studying, to master perfectly the wise custom of saving. A subject that certainly does not teach us in our study plan.

In this way they will learn to value the money that their parents spend and we will be able to create in them very useful habits for when they become adults. Unlike other subjects that are learned in school, educational plans hardly include economic content. Although we must take into account the age of our child, since we can not treat a child of 4 years equal to one of 11, there are a series of generic recommendations to teach our children the foundation of home economics. 

Therefore, we suggest some tricks and measures to take into account to teach your children the importance of the saving effort.

  1. Assign a weekly payment. You can do it monthly but already when the child is more “advanced” in money management. Therefore, start with a small weekly amount that you consider appropriate to your age, neither too low nor too high. Do not exceed even if you can do it, since you would be doing wrong because you could buy all your whims and not understand the need to ration your small capital. This way they will learn to organize their economy, just as parents have to do with their salary, with which they have to face all household expenses.
  2. Explain where the money comes from. The effort that parents have to make each month to get it. It is not about being alarmist, just do not believe that money grows from trees, or that it comes free from an ATM. The idea is that they are aware of what it costs to earn it and how quickly it is spent when we do not plan our finances well. It is necessary to work in order to have a house, a car and a delicious meal on the plate. Children tend to think that money is unlimited or simply do not stop to think about it.

The best advice, as always, to lead by example. Children learn everything and copy the behavior of their parents, so if on one hand you talk about the importance of saving, but you can not prove it with your own savings, it will be difficult to believe you.

Kerri Simmons

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