How to teach your children to save?

When you go out with children it is a fixed that at some point in the day they will ask you to buy something they do not need, regardless of the value it has. Without a doubt, one of the most important lessons that you must pass to your little ones is to understand the value of things and save their money to be able to manage their own resources.

Tips on How to Teach the Value of Money to Your Children

money cash

Teach them to divide their money:

If your children already know the value of money , the next step will be to teach them that spending and saving are completely different things. To cover both items they will have to divide the money they receive, that is, manage their resources correctly.

The expenses include all those things that must be paid in the month (or week, everything depends on the frequency with which you give money) and the savings are associated with objectives that can not be accessed immediately. For this you will need effort, perseverance and patience.

Show the differences with everyday examples, if you give $ 10 to buy something at the kiosk, the return will be the value that can be saved, therefore it will vary according to the value of the candy that is purchased.

Help them set goals:

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“Dad, I want that …” “Mom, buy me that …” That which he loves so much can be an excellent incentive to teach him how to save. In this way, you can have a specific objective. Make sure it is something achievable so you can see short-term results and not be frustrated. With this simple activity, your children will become familiar with concepts such as planning and investment. He will also learn to discriminate between things he really wants and whims of the moment.

Although it may seem like an outdated technique, the piggy bank will always be a good method to save money. Especially if they are young children, because it is an accessible alternative and allows them to constantly review how much the initial sum has grown. You can even put on it a drawing or photo of the goal so you don’t forget why you are making the effort.

Set the example:

Once your child has internalized the importance of saving it is vital that you set an example in your home and do not see you wasting money on things they do not need. So you know, start by setting an example!

Teaching them to save your children will give you the assurance that they will learn to manage money and make proper use of it. If you want your children to become responsible adults with their economy and to be able to project themselves, start teaching them from an early age.

How do you do to teach your family to save? Did you use any of these tips?