The importance of learning how to save money at a very young age cannot be overemphasised. It is usually the earlier, the better. Teaching a child how to save is a process that is gradual and also continous. It is not uncommon to see a lot of kids misusing hard earned salaries of their parents. I will be talking about how my parents taught me to save.
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The first thing I learnt from my parents was planning. I learnt this from their example, they didn't really have to sit me down to teach me. I watched dad put money in envelopes. He had my name and that of my siblings written on each envelope. He also had envelopes for bills, and miscellaneous.
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Trying to imitate him, I got different envelopes. I had one for short term savings and another for miscellaneous. Most of the money I received was kept in the long term savings. Only the long term savings was kept in a tin container that was difficult to open.
Give rewards to your child for saving. I remember when my dad gave me money for saving up money. I was so surprised, "you are paying me to keep my money well lol." This even increased my zeal to save more. I wanted more rewards. Oliver asks for more.
The difference between wants and needs should be taught. This would help the child, when he/she grows up to have a scale of preference, were important things comes first.
Also important, is to teach the child to have a list of things he would want to buy. And teach him/her to arrange the items according to the term, long or short. My mum would ask me what I want and help me plan to buy it. In my long term list I had a console, I think it was called Family Con, then later a Sega.
Monopoly money | Image source
Playing games that involve money was also fun. I remember playing Monoply with my elder cousins while I was growing, having lots of fake money and feeling top of the world.
Bonu Tips
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Teaching your kids how to save from an early age can help prevent them from the “I deserve it” mindset.
Discourage your children from every form of "entitlement" tendencies.
Yes that is true. That is why rewards should be given to children to encourage them.
Beautiful article about learning to save money since childhood. I really like content like this, keep them coming! @OriginalWorks
To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!
Thanks, I'm glad you liked it :)
Saving cash is not as easy as you think oh.. Especially in this buhari weather.. You plan 4 one thing, something else comes up to claim it.
Yes, saving cash is not easy. There is so many temptations that comes, but learning how to save when times are good would help during trying times.
You are right sir. Children need to imbibe the culture of saving
Yes, thanks for coming around :)
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STOPThe following site has stolen some of my posts and use it as their own - this one is also there https://o3schools.com/teach-your-child-how-to-save-money/
Thanks for bringing this to my notice. Do you have Discord? I'd like us to discuss further on this.
No I do not have discord - go to the link and see if you can find any other of your posts there - I do not have any information on the site or the people that run it - I did send them an email but obviously the will not reply