Early habits never die. Having said that – inculcating a good habit in a child at an early age is imperative as well as accounts for good parenting. The habit of saving money is among the most valuable ones. Everyone have definitely heard once in their life a lecture on savings, the value of money but The young innocent minds get tangled in words and castigations. Therefore, preaching can enforce but not really encourage children to take up the habit of saving earnestly. Instead, practical ways always work best with kids, as the fun field activity instil a lesson of life in them playfully.
Encouraging children for savings not only help them adopt a good habit but also, prepares them for the later stage of life, when a financial crisis may strike. Here are few parental hacks to invoke and maintain a child’s interest in savings.
1. Grant a little pocket money to kids
You need to have money to save money. Likewise, unless you give your children the privilege of pocket money in the first place, you can’t really instill the habit of saving money in them. It’s better to stick to an adequate amount of cash on a weekly or monthly basis. Besides learning to manage their expenses within a fixed budget, it will also help them understand that anything they could abstain from spending can contribute to their savings.
2. Guide them with stories about the good habit of saving
Kids are always very keen about stories. Also, fables and tales are a good medium to help them grasp the hidden moral lessons quickly. Since children consider their parents their idols so real life stories from the parents’ life can also contribute significantly to enlighten a child about the benefits of the habit of saving money. Last but not least a story in most cases highlights the consequences emphasising on the fact that the very habit of saving proves to have an indispensable advantage to dodge the financial crisis that may tip-toe at any time.
3. Gift your child a Piggybank
Every gift to a child appeals to their little mind as an element of sheer importance. Before the lessons on the habit of saving, it is fair enough to present them a Piggybank. The new gift will ensure that the child takes an active interest in including it in their play-regime more often and dropping the coins in it won’t fail to encourage them for saving money. Plus, when you show a child how a Piggybank is used, they will figure it out that saving money is the best way to play with it. Moreover, nowadays more fancy and playful Piggybanks are available in the market that can serve as an impetus to the habit of saving, better than the regular ones.
4. Get the children to save money for a personal goal
For as far as kids are concerned, they are pretty much resolute in getting what they have been planning to lay their hands on. How about instead of buying them something they want badly, let them save for it? Turn their desires to power their willingness over adopting the habit of saving money. Be it just a pretty dress or a Play Station, let them have it out of their savings. Once they learn to save for their dreams and have saving goals, not only they will appreciate the efforts later but will also comprehend the practice to have patience.
5. Goad the kids to buy gifts for any occasion all by themselves
It is important that while you try to inculcate the habit of saving is a child you also infuse the idea of spending a little on others too. A mother’s day gift, a box of chocolate to grandpa or even a small birthday present to a friend perhaps to a sibling can ward off the exclusive selfish focus related to savings. Also, children have an unadulterated emotional attachment to near and dear ones; so, you never know maybe getting to buy the someone spacial a gift can actually be more inspiring to your child than saving up for their own needs.
6. Give a child the extra motivation for the habit of saving
A reward means a lot to the child and works a good deal in motivating them for just anything. In order to boost the spirit of your child towards the habit of saving money, you can include some add-ons; make a deal with them that if supposedly they are able to collect a certain sum of money then you will add to that amount 10% or 15% more to it. This will further motivate them to stick to savings and get to the target as soon as they can.