Tips to Teach your Child to Save Money

Tips to Teach your Child to Save Money

Tips to Teach your Child to Save Money - Tips to Save Money - How to Teach your Child to Save Money - Benefits of Saving Money | Tips on - Find TipsSave Money

Saving money is a very good habit that you have to develop in your child. It is better to develop this habit from his younger age itself. This will benefit them later in their life. Teaching a child to save money is not an easy task as they are prone to spend what ever they got. You must tell them the benefits of savings with example. Here are some tips to teach your child the habit of saving money.

Tips to Save Money

1. Set a goal

Set a goal for your child for saving the money. For example if he wants to buy an expensive toy, then ask them to drop a part of the money they earn in to a box. Let them know the price of the toy and inform them about the rest of the amount they have to collect every time when they drop money in to the box.

2. Contribution from your part

Offer an amount from your side which is equivalent or half or one fourth of what they collect every time. This will encourage them and they will try to save more.

3. Offer Rewards

Always offer rewards for your kid for saving the money. A small toy or an outing will make them happy.

4. Hang a Picture

Hang a picture of the item which your child wants to buy from the money he is collecting. This will encourage him to collect money faster.

5. Make a List

It will be better to make a list of the items they want to buy from the saved money and prioritize the list. This will help them to achieve one after another.

6. Open a Savings Account

It is a good idea to open a savings account for your kid in the bank and let them know about the interest they getting for the money they deposited.

You must be careful while teaching your kid to save money, some times they may concentrate only on savings and they don’t want to spent money. So help them to spend their money wisely.

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