1. Lifestyle
    2. Planning Finances for Family
    3. What are some ways by which parents can teach children the importance of saving?

    Planning Finances for Family

    What are some ways by which parents can teach children the importance of saving?

    Planning Finances for Family

    What are some ways by which parents can teach children the importance of saving?

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    • 245 days ago

    Comments

    Dharani saravanan 241 days ago

    Saving money is a habit that we parents can teach our children right from young age.. To begin the habit of saving , give them a piggy bank and ask them to fill it with coins by saving the money... ask them to set a goal , that can be a good motivation for them... help them reach the goal and reward them with surprises.. show them how the saved money can be helpful at the time is need... once children are at the age where they can understand better ,we can discuss about our earning, how we spend it and we save it... this helps them learn from us.. we can also open a saving minor bank account for them and make them save money in it... it helps them save money and also makes them understand that it is an investment when they get interest from that money... set a timeline for them to save the money , it will encourage them to reach the goal on time and know the value of saving money.. it will always be a trial and error method when v teach kids how to save money , but it will be an experience for them for their future...

    Jisha Varghese 242 days ago

    Give your kids one rupee per day for their supportive deeds.By month end ask them to buy a thing that they would love if parents had presented them.Take them out for shopping and let them know the prices.They will know to manage finances shortly.

    Saju Johnson 243 days ago

    Give them small perks in form of cash whenever they do something good.Ask them to set a goal to own a commodity that would be useful for them.Advice them to pool money from these perks and buy it.

    Meenakshi 243 days ago

    As parents we can give some nominal amount as pocket money and encourage them to save and the child can buy (books or basic stationery items, etc.) they want from it.