Saving money is an essential life skill…………… And, teaching our children to save is equally important!
The sooner the kids learn how to save and manage their money, the better they’ll be at in the future, benefitting them greatly in the long term.
If you’d like to start teaching your child how to save, follow some of these tips as a good starting point:
- Regularly give your child a small allowance for them to manage, and encourage them to save at least half of it.
- Teach your child the power of compound interest! As money accumulates over time, your kid will save a lot more money in the future.
- Show your child a few items that they would love to have, as an incentive, and help them to save up for them, and purchase in the future.
- Saving money may seem dull and boring to your child, especially if they are looking forward to a particular treat, so make saving fun! If your kid puts their money into a piggy bank, they can watch their money grow.
- Open a bank account for your child, where they can deposit their money into it.
These are small and simple tips to help you teach your child how to save – it seems easy, right?
If you get your kids into the habit of saving today, they’ll learn to be smart and sensible in saving money in the future.
And you don’t know… you may learn a thing or two yourself!
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