Many teenagers nowadays do not understand the value of income and spending money. They are not oriented that investment is necessary even if they are still learners. As a parent, you play an important role in this field.
You should be able to teach your children about saving money. They should be able to understand the concept of money and investment as early as children. This will prepare them to learn money management, when they get old.
Here are a few tips on how you can teach your kids how to save money:
- Your children should be educated about the meaning of money. Once your kids learn how to count, it is the right time for you to teach them the meaning of real money. You must be consistent and explain to them in simple ways and often do this so that they may be able to remember what you are teaching them.
- Always explain to them the value of money saving. Make them understand the importance and how it will impact their lives. It is important that you entertain the questions of them about the money and you should be able to answer them immediately.
- When giving them their support. You need to give them their support in denomination. Then you can encourage them that they should keep certain bills for the future. You can motivate them to do this by telling them that money can be saved and they can buy new shoes or toys they want once they can save.
- You can also teach them to work for money. You can start this in your own home. You can pay them fifty cents to one dollar each time they clean their room, wash the dishes or feed their pets. The concept of making this little money will make them think that money is something they have earned and should be spent wisely.
- You can teach them to save money by giving them a piggy bank where they can put the coins and wait until they are filled. You can also open a bank account for them and let them deposit money from their pocket money. You should always show them how much they have earned to stay motivated.
Money and savings are not something that children learn in one sitting. You must be patient in teaching them and linking the value of money in all their activities. Children will learn this easily if you are patient and consistent in guiding them and encouraging them in this endeavor.