How to encourage your children to save

Saving money is a life skill everybody needs to learn from a young age. Even if you weren’t great at saving when you were a child, you should have the knowledge and experience to pass it onto your kids. It’s not really something that is taught in schools, yet it is a vital part of having a secure financial future. Now is your opportunity to pass your wisdom onto the younger generation so that they can understand the importance of saving money.

 

Invest in a Money Box

Acccording to Jonathan Holloway at Lendingexpert.co.uk getting your child a money box or a piggy bank is a great way to start teaching your kids about saving. It’s a fun, simple and successful way of showing them the value of money. The goal should be to fill up the money box so that they can save up for a new toy or game they really want. They will feel a sense of satisfaction as soon as they are able to afford their new treat and they will understand the importance of saving from a young age.

 

Set a Good Example

Children are very impressionable little things so if they see you doing something they are bound to follow in your footsteps. If you start saving money yourself, then your kids are bound to pick up on this. You might even want to have your own money box that you child can see as a visual. When you go out shopping teach them about the different prices of items and why one might be a better investment than the other. Explain how far your monthly pay goes too so that they understand how bills are paid and how to budget for the month.

 

Open Up a Bank Account

As soon as you open up a bank account your child will really be able to start to see their savings building up. You might want to count how much money is being deposited in the first instance so that they have a solid understanding about how much money they actually have. This can be a great motivator for your kids as they will soon see how saving helps to grow their finances over time.

 

Strike Up a Conversation

If you can start up a financial discussion with your kids it will get the idea into their minds. They might have a lot of questions or they might not even be too bothered at first. The most important thing is that they are aware of saving and the value of money. You can teach them the fundamentals of hard work, saving and how to spend your earnings wisely. You might also encourage them to do small jobs around the house in exchange for cash. Over time their awareness will increase and they will grow up to be savvy with their finances.

These are just a few simple ways to teach your children how to save money for their future. As long as you make it fun and age appropriate they will soon get the hang of it and their understanding of money will go with them into their adult years.

 

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