As a parent, saving comes almost by default, something we do almost naturally particularly when there is an investment to be made.
This is not so for children. However, day-to-day activities can serve as learning opportunities for them. These mundane activities should not be under-estimated.
Tip 1: Tell Stories
Tell children stories that promote the values of saving and managing
A good resource of free value-based children stories is www.freestoriesforkids.com
Tip 2: Take Them Shopping
Take the children to the supermarket and try to involve them in the buying decision and payment process.
Engaging them in discussions about which shopping items cost more or less could prove fun.
Tip 3: Children Love Field Trips.
Arrange a trip to the bank with your child and while there, teach them the difference between the withdrawal and deposit counters and how to deposit money.
An icing on this trip would be to put them through the process of opening their personal bank accounts.
Tip 4: Reward Them.
Reward them when they save. Setting targets keeps the big picture in their minds as they save more and can calculate what is left to meet targets and how long it would take to achieve this.
Tip 5: They Need a Piggy Bank!
Buy them coin jars or piggy banks.Better to buy wooden boxes or plastic piggy banks if the child is less than age 6 for safety reasons.
You can mark them for specific projects e.g.For new bike, For new dress to keep the goal alive for the children as they save.
Tip 6: Teach Them.
Teaching your children how to save responsibly is a good way to ensure that they grow up to make informed and responsible financial decisions.
This would only work as far as you show good examples of wise and consistent savings behavior.
If you haven’t started saving yet, let us help you start today.