Teach kids to save money

Photo by Tanaphong Toochinda on Unsplash

Saving money is an important concept we must instil in the minds of our young child. It is the responsibility of parents to teach the value of money to kids. I personally believe, schools now a days have engaged in hands-on-learning activity to teach children money management as it is one of the most important life skills for survival.Coins and notes mean nothing to children, unless we teach them the value of money and the importance of money management. 

Do you teach your child to save money or be a spoil-brat where you indulge them with everything they ask? According to me, saving money is the best concept to teach when children are very young as they are in a stage where they look up to parents as role models. How do we teach our children to save money? Let’s focus to implement in our family:

  • An eye catching Piggy bank:
  • The best method to teach children saving money is through using a piggy bank. As a grandparent or parent, I would recommend you to buy a cartoon type piggy bank and keep in visible location. Initial stages, give a coin for helping with chores, ask your child to put it in the piggy bank to develop the habit of saving money.

  • Avoid box gift:
  • I do not discourage giving gifts, in case if you find the child has too many toys at home, you give cash as a gift and instruct them to put it in their piggy bank. Avoiding repetition of toys make them realise value of saving money.

  • Keep track on spending:
  • As parents, whenever you go to shops with your children always have a conversation of the product and the price what you are purchasing for them, many parents fail to do it. As we keep re-iterating, I believe the kids can understand the necessity and start saving money. The kids should know the frequency of buying and the cost of the product to understand parents’ effort. During the our childhood days, as a young child, we ask our mother if they have money to buy or drop the request. This is one of the ways dealing with kids to understand the value of money.

  • Discuss needs and wants:
  • There is a difference between needs and wants in our life. The needs are the necessities such as food, clothes, shelter, education and healthcare. The wants are the desires of humans such as spending weekends for movies, eat outs, wish to buy latest toys, accessories, books and gadgets quiet natural. For instance, when you buy something for the family or specially for your child you explain whether it is a need or desire.

  • Set a good example:
  • You can use your family or friends who are perfect in money management. Now days there are more employment opportunities both online and offline. The same way people spend blindly without thinking a minute. Explain the history of your ancestor and, how effectively they managed the money by not wasting and what all they saved for the next generation to protect the name of the family.

    Implementation of new ideas to our kids to save money is the right concept in the latest era. Living a sophisticated lifestyle comparing with others is not going to help our kids in the long run.I request the readers to share any one technique you have adopted on saving money despite your child’s unlimited wants.

    About the author:  Lakshmi Sakthi Alagappan lives in Thanjavur in Tamilnadu, India. She is an administrative officer at Blossom Public School. She is an administrative officer at Blossom Public School. She likes reading books, listening to music, and surfing.




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