Easy steps to teach your kids to save money

[Holicent]

Saving money is an important skill for kids to learn. Not only does it help them have more control over their lives, but it also teaches them the value of money and how to spend responsibly. You can help your kids start saving money by getting them involved in various activities that require a financial investment upfront (such as sports), or by making saving fun with games like piggy banks and jars. Here are some easy ways to teach your kids how to save money:

1. Have your kids set aside a certain amount of their allowance each week so they can save up for something they want. You can also encourage them to make small deposits into this account every time they get paid.

2. If your child wants something like a new toy or game, have them work out how much they need to save up before they ask you for it. This will give them an idea of how much money they need, which will help them make better decisions about how much they should spend on other things.

3. You can even set up an automatic transfer from your paycheck into their savings account each month so that there's always some money in there for emergencies or unexpected events such as birthday parties or vacations.

 

[Shigobad2020]

Preparing your kids in saving money so that they can know the importance of saving by using the money they saved in buying their needs for them most especially during the festive season will motivate them and teaches them the importance of saving for any unforseen events or saving for future planned event ,
Buying piggy banks for them is the first step to take , and after that tell each of them to list what they feels like buying with the money to motivate them with the savings ,

Then teach them on how to take out the portion that will not affects them negatively from the money you are giving them and start saving it either twice or four times in a week .

There was a time my son wanted a teddy bear and the amount was #8,000 my country currency , i told him i can only afford to give him #6,000 and that if he can save the remaining #2000, i will definitely give him the remaining money.
That alone serve as motivation to save money for him.