Teaching Kids About Money
Updated: Jun 27, 2019
A penny saved is a penny earned’
Most of us have heard this saying but how many of us actually pay heed to this. We are all busy running around to earn MORE money. This habit of saving should start early in life – in fact, the earlier we start, the sooner it becomes second nature to us.
Today on World Savings Day let us teach our children the value of every rupee and how important saving it is.
1. Get your child a piggy bank – Children love putting coins into the piggy bank and a lot of counting and sorting activities can be done with the young ones. For older children, they can start saving for a loved one’s birthday or something they want for themselves. This makes them responsible, confident and independent.
2. When you go shopping for small things give your child some money and ask him to pay for it and see how much he has left which can become his saving to go into the piggy bank.
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3. Give the child pocket money with which he can pay for his wants and even small needs like pencils, etc. He can maintain a book in which he writes what he has spent in that month and comes up with the amount saved. This is the beginning of a thrifty mind.
4.Set up a vegetable or fruit market in school or in your community where children sell and make some money. Part of this can go to a local orphanage or old age home and the rest can be distributed among the children for their ‘Hard work’. This gives a sense of achievement and lets them know that they have to ‘EARN’ the money.
5. Take your child to a bank and start a savings account where they put in the money from the piggy bank every time it gets full giving them a sense of accomplishment.
So it’s not just about saving, but, developing responsibility, confidence, independence, math skills, thriftiness, hard work, accomplishment and a lot more LIFE SKILLS through the age-old method of SAVING.