While some kids easily understand that saving is important, some need a little bit of nudge to grasp the value of setting aside some money for later.
If you’re having a little bit of trouble in making your kids save, here are a few tips for you:
Set a good example to them
If you’re an impulse shopper and kids don’t see you saving, you’ll never influence them to save. Put some spare coins and/or paper cash in a jar where your kids can see it. This will allow them to see that saving is a normal thing. Since most kids take their cue from parents, seeing you save will make them think about starting a savings jar of their own.
Match your children’s savings
This is a very effective way to inspire your child how to save. Matching your children’s’ savings will let them see a glimpse of how some financial institutions reward their clients. Everyone loves a boost in their savings and matching your kids’ contributions every end of the month will encourage them to save more.
Let your kids see the reality of developing countries
Not all children have the opportunity to lead a comfortable life. Una-Kids, an international non-profit organization, is a charity that helps deprived children. Let your children read the case studies of the charity group’s marginalized kids to make the former realize the importance of having savings. Tell them that parents won’t always be there to assist their children so it’s very important for each person to have his or her own stash of reserves in case of emergency.
The earlier you teach your kids to save money, the sooner that they’d become financially independent individuals.
Isn’t seeing your kids become financially stable in their adulthood a dream come true for every parent?