Saving money becomes a habit if you take the time to build it. It is difficult, and even some adults have yet to master it. However, if you start teaching your child about money and finances from a young age, they will be able to save without issues. Children lack financial knowledge as they don’t often get educated in it. As a parent, you should take matters into your own hands and get your kids saving up for something they wish to get. It's important for you to have the right money management advice as a parent, visit
https://cashmagneet.nl/ for the right advice. It’s not easy starting, that’s why below is a list of ways of how you can teach your child to save money. Before you know it, they’ll be a pro.
Discuss what they want
One of the first steps is to find out why they want to save money, is it for a new toy they love, or perhaps to go on a day out? If you sit down with your child and work out what they want to save money for, it will be clearer the time frame it will take them. Despite often talking to children about playing and games, speaking to them as though they're older will lead them to respect you more. They will soon realise you think they’re responsible and want to prove to you how well they can do.
Use a piggy bank or jar
Younger children may not understand the concept of a bank account, so use a piggy bank or jar for them to put all their pennies into. A piggy bank is a great way to teach your kids the importance of saving, while also showing them how pennies can add up over time. Tell them to fill up their jar until it’s full, and then you two can count it together. They’re sure to be pleased when they find out they’ve managed to save a considerable amount!
Lead by example
Children will only learn to save if they have an example to follow, and as a parent, you should be this example. Parents who have excellent money management skills pass this to their children and those who don't often struggle to manage their finances. Those who invest in property can show their children how they manage their money by regularly displaying their finances to them. RW Invest is a property investment company offering investments with high rental yields and demand, which means you wouldn’t have to worry about losing money on an investment. This wouldn’t be a good example for your children! Plus, if you have money saved up for them for when they’re older, and their good money habits are in place, they could even try investing themselves.
Talk positively about money
Many parents make the mistake of always talking about their money worries. Everyone goes through difficult financial times but try to keep this away from your children. Talk positively about money, and they will always feel ready to conquer the world. Children shouldn’t have to feel worried about potentially missed rent payments or not being able to afford the bills. Those who speak more positively about money and saving, in general, will find their child is more open to the idea of saving and the prospect of having a significant amount saved up.
Let them earn their own money
How do you expect children to save if they don't have access to money or the ability to earn it if they wish? Pocket money is a great way to teach your child more about responsibility and money and can simultaneously give them a lesson on saving too. They will want to earn more money around the home to save if they know that it's possible and that they're close to their target. Each chore or job could be worth £1 or £2, giving them the ability to save as much as they wish over the month.
