How can you teach children to save?

[Shaf]

It's every parents pride to have a child that's smart, educated and well mannered. It's also a thing if joy if your children can learn to make money legitimately and save it, and support themselves financially when they are able to.

Teaching them all that is not easy though, especially since we humans love instant gratification, hence we spend before we save. Some parents are able to teach their children to save while young.

One tactic my neighbor uses that I like is promising her kids rewards if they save a certain amount of money, which she actually pays them for completing simple tasks around the house. Once they reach the target, she adds more money to it to get them something they want, especially during festive periods.

Do you know of any way to teach children how to save, and how effective is the process?

 

[Ajebo25]

An adage says "you can take a horse to a stream but you can't force it to drink water" you can talk to your child and use every strategies you have to teach them the habit of saving for the future but if he/she refuses then know in your mind that you have done your best to teach your child, the habit of saving comes from within you, your plans, and your mindset if you don't have any of these then you can't save you won't even know when you spent the money until its exhausted.

 

[Jasz]

In order to teach your children how to save, make sure they have a solid foundation for spending, first. It's important for kids to learn the value of a dollar, so that when they get their allowance, they don't just spend it all in one place. Teach them to wait until they find something they really want before purchasing it, and encourage them to save up their money until they can afford what they're looking for.

Next, explain the concept of interest. Show your child that if you put money in a savings account with a good interest rate, it will grow even more over time! This is important because it means that the money you saved will be worth more than it was before.

Once your child has learned about saving and spending, help them set goals. Encourage them to use their allowance wisely by saving up for something that they really want. For example: "I'm going to save my money so I can buy an Xbox or a mini computer when I turn 17."

Finally, create opportunities for your child to practice what they've learned in real life situations. Take them shopping with you and help them budget their money wisely while also allowing them some freedom of choice as well!

It's important not only teach children how but also why to save money. Get a saving box too.

 

[blessingc]

It has a really good to help your children know the important of saving when they are young and there are different ways you can pass such knowledge to them.
Knowing how to save without tempering with your savings unnecessarily is a special skill and kids should acquire such skills from you the parent to help them have a better future.

Make them know the difference between wants and needs. Teach them to know that needs has to do with the basics things in life; such as food, clothing and shelter. Nevertheless needs are not to be overemphasized when they are available. When you have clothes, and you see another eye catching one it doesn't make that your need because you have clothes that can serve your purpose.
Eating food doesn't mean eating candies, chocolate or alot of goody goodies all at once. Need is when necessity calls.

From their young age teach them how necessary it is to make their own money,, give them tasks to perform then give them money to save not to spend.

Provide for them a good saving atmosphere and a place where they can save without tampering, like a piggy bank.

Set a good example of a someone who saves and the benefits of saving.for them to emulate.

 

[Abigael]

Teaching the children to save money is a very important thing to do for sure. Which is so hard to do given that they are most impulsive and seek immediate gratification the most. They also have several desires and end up spending money the most whenever they have it. It can be so hard to keep them self disciplined.

That is why the idea of a piggy bank was introduced. So you can teach the children to start saving by opening for them a piggy bank account. Or you can but them that savings jar where they drop money in it and cannot get it out easily. That will make them more self disciplined in saving.

Then using negotiation can be really great with children. You promise them something they desire a lot if they save a certain amount of money. That will motivate them to start saving and not spend the money they have saved.