As a parent, you must have an effective way of teaching your children to save that makes them want to do it without being forced.
Because financial education is very important to teach from an early age.
The goal is clear, so that the child is able to manage his own finances wisely when he grows up.
By getting children used to setting aside some of the money they have, it means shaping them into individuals who are independent, good at saving and responsible.
So, what is the right way to get children to understand and want to set aside some of their pocket money voluntarily?
Come on, take a peek at various effective ways to make children diligent in saving!
- 1 This is an effective way to teach children to save from an early age
This is an effective way to teach children to save from an early age
Having savings does not only apply to adults, even small children must be taught the importance of saving from an early age.
Unfortunately, it’s not easy to get them to do it without feeling forced.
It takes various effective tricks and tips so that what you want can come true.
So, by implementing the various tips below, your little one will want to set aside money from an early age.
Anything? Here’s the information!
Before teaching children to save, the first thing that needs to be done is to gradually introduce the shape, size, nominal and color of each money.
Use methods that are interesting and easy for them to understand, for example by playing guessing games, quizzes, or other forms of fun games.
Introducing the Concept of Saving
Once you start to get to know money, start introducing the concept of saving.
You can say that they have to save and collect money little by little if there is something they want to buy, for example they want to buy a doll, ice cream, bicycle, etc.
Apart from that, also convey that they can ask for money to save from you, not from asking, let alone taking other people’s property.
Buying a Piggy Bank
Even though it looks classic, buying a piggy bank is an effective way to teach children to save.
You can buy a piggy bank made from a tin and then attached with stickers that your child will like.
Apart from that, you can also buy piggy banks with various cute shapes and characters, for example in the shape of a cat, a robot, or a piggy bank in the shape of an ATM machine complete with a card and PIN number.
Don’t forget, explain that they can only open the piggy bank when it is full.
To be more enthusiastic, think of money as food that must be ‘swallowed’ by the piggy bank, just like they need to be fed every day to grow healthily.
Create a Savings Account
The fourth way to get children to want to save enthusiastically is to take them to the bank when you save or withdraw money.
In this way, you indirectly provide a good example to your children.
When your kids start to get interested, then you open an account in their own name. As an initial balance, you can provide a certain amount of money to deposit into the bank.
Or, you can also ask them to open the piggy bank, count the amount of money collected, and deposit it themselves into the bank teller .
Teaching children to set aside some money for savings is good, especially if the money collected is used for positive things.
In this case, you can give your child the understanding that the savings can also be used to help other people who are in trouble.
Set a Good Example
The next effective way to teach children to save is by giving children a good example.
You can hold a competition with your children by buying two piggy banks, each with your and your child’s names on them.
Encourage children to compete by diligently filling the piggy bank every day. Tell him that if the piggy bank is full sooner, he is the winner and is entitled to additional money.
Generally, children will be motivated so they will save more actively.
Give a Reward
Making children more enthusiastic about saving can also be done by offering attractive prizes.
With these rewards , children will certainly feel more enthusiastic about saving.
For example, buying ice cream or taking children to the playground every time they come home from the bank after depositing their savings.
However, there are times when children will feel bored with saving, especially if they want to buy something that is quite expensive but the money collected is still small.
So that children avoid feeling bored and discouraged, you can give gifts gradually.
For example, ask your child how much money they want to collect.
Then, say that if you succeed in achieving every multiple of 25% of the desired total, then you will give an additional 10% of the money.
Make Short Term and Long Term Plans
Fostering a spirit of saving in children can also be done by making short-term and long-term plans.
For example, collecting money to buy a favorite toy is a short-term plan, while the long-term plan is to save for a vacation to grandma’s house.
By using language that is easy to understand, you can apply various effective ways to teach children to save from an early age without having to be forced.
If necessary, give attractive rewards to encourage them to save even more.
Apart from that, don’t forget to teach your children to set aside money to help people who are in trouble!
- Ritesh Sharma is a seasoned professional in the field of finance and career development, bringing a wealth of experience spanning over a decade. Holding a Master's degree in Business Administration with a specialization in Finance, Ritesh has carved a niche for himself in the realm of content writing. His expertise is predominantly in areas related to finance and career growth, where he has consistently demonstrated his ability to deliver insightful and valuable content. Over the years, Ritesh has established himself as a knowledgeable and reliable source, offering his readers practical advice and information that is both relevant and up-to-date. His dedication to his craft is evident in the quality and depth of his work, making him a respected figure in his field of expertise.
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