Parenting: Develop the habit of saving money in children from childhood, adopt these methods..

The right direction for children starts from childhood itself because it is said that the results of the habits inculcated in children from childhood are automatically visible in the children as they grow up. One such lesson of life is saving money, a habit which should be developed in childhood itself. We should tell the child the difference between wasteful expenditure and saving from childhood. It is very important to know the importance of money, otherwise carelessness can spoil their future. If you give them some information and explain about saving, then it will bring a better time for them in the coming time. Today in this episode we are going to tell you how to develop the habit of saving money in children from childhood. Let's know about them...

Tell the difference between need and want

The first step to telling children the value of saving money is to help them differentiate between need and want. Tell him that food, house, clothes, health, and studies, all these are his basic needs, and movie tickets, chocolates, bicycles, or smartphones are his wants. Make a list and show them how to spend money on fulfilling their needs first and then their desires.

Get them a piggy bank.

The best way to inculcate the habit of saving in children from childhood is a piggy bank. You can gift your child a piggy bank of his/her favorite cartoon character and explain to him/her that he/she should put some part of the pocket money that he/she gets from guests, grandparents, maternal grandfather or you in the piggy bank. The habit of collecting money in a piggy bank can become their habit of saving.

Teach them to work hard

Hardly any child knows how difficult work it is to earn money. So, to explain the value of money to the child, it is important to tell him/her how hard work is done to earn money. For this, you do not have to send the child anywhere, but get him/her to do some household chores and give him/her some money in return. This will make the child understand how hard work is done to earn money and how important it is.

Awaken interest in savings.

Every bank gives some interest on savings. In such a situation, parents can also give some interest from their side on the money deposited in the piggy bank of the children. By doing this, children will understand the value of money.

Give pocket money according to the calculation.

Always give pocket money to the child according to the calculation. If you give them more pocket money, then it can create a habit of wasteful expenditure in them. When you give pocket money according to the calculation, the child will learn to save.

Make a goal

Children are simply told that they have to save while it is not explained why they have to save. If you tell the child the reason for saving and prepare a saving goal for him, then this will give motivation to the child. You should also help him in fulfilling his saving goal.

Teach to set priorities

Tell the child from a young age that everything that we want cannot be bought. Sometimes we have to choose between our needs and important things, set priorities.

Teach from mistakes too

When children have money in their hands, they make some mistakes while spending it. You have to take advantage of these mistakes. Tell them how and where they have made a mistake by spending money and how they should avoid making that mistake now. Help them in this and show them the right path.

Participation of children in financial decisions too

If you are ordering any valuable item for your home or going shopping, then during that time you can also ask your children for their opinion. In this way, not only will the children become aware of financial decisions but they will also spend very thoughtfully in the future.

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