Money management is a pivotal skill that every child needs to learn. Encouraging the habit of saving, teaching him healthy financial habits, curbing his spendings reasonably and setting up a bank account are few of the easy ways through which you can make your child manage money.
But the earlier you start, the better it is. According to an article published in Money Sense, fostering the saving habit early in childhood is necessary to start your child’s journey in financial education. It says, “Even 2- year -old's can be taught how to put money into a money box (piggy bank or container). Although they may not grasp the concept of savings, the introduction of coins and notes and putting them into a money box teaches them basics about money identification and differences between the different denominations.”
Also, having a reward system for savings can greatly contribute to your child’s saving habits. For instance, if your little one saves up 20 rupees by the end of the week, you can reward him by adding twenty rupees more to his savings. Whatever your methods are, it is ultimately important that your child learns to save, as well as its importance.
“Do not save what is left after spending, but spend what is left after saving,” said Warren Buffet, the second wealthiest person in the United States.
Take this business magnate’s advise and teach your child to spend what is left after saving, by going through the useful articles in this ClipBook.
It is important to start inculcating sensible money management habits in children. This can help prevent them from developing extravagant spending habits or falling into the trap of living beyond their means through credit cards.
The life-long benefits of teaching children good money habits make it well worth the effort. Children who are not taught these lessons pay the consequences for a lifetime.
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Children learn many things during their young lives and can learn to save with the help of coin counters. One thing that children learn infrequently, however, is how to save money and invest for the future.
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Like so many things in life, setting money aside as savings is a habit that needs to be developed. If you want to see your nest egg grow, you need to do what you can to encourage a savings habit.