How to teach a child to save money?
Our children spend about twelve years of their lives in different schools. During this time they learn, among others, biology, mathematics and foreign languages. Unfortunately, what is often overlooked is the so-called financial education. Our children know how to make money, but they don't always know how to manage it responsibly. This is a skill that is very important and useful in adult life.
Money and our children
Learning to save money is very long. We can start it when our child is a few years old. The first pocket money does not have to be high, but managing even a small amount of money can be a big challenge for a small person. He'll have to learn the difficult art of choice. The first attempts to plan your own budget can be quite painful. But the child will learn that if he or she spends everything on candy, he or she won't be able to buy the toy of his or her dreams. In this way, he will learn to create his own budget.
When our child turns thirteen, we can think about opening a first bank account where parents can deposit their pocket money. This will make the child feel more adult and give parents more control over their expenses. This is because youth accounts are usually linked to a parent's bank account.
Let the baby make money!
It is worth encouraging children to work from an early age. Within the limits of common sense, of course. Kids should be given tasks that are appropriate to their age. Could be taking out garbage, taking dishes out of the dishwasher.
In this way, children will learn that work brings measurable profits and is not always pleasant. Sometimes we're forced to do something we don't want to do. However, it will be very rewarding to spend your own earned money. A child will probably think twice or more about every expense. After all, it is known that money earned with one's own hands seems to be much more difficult.
We're setting ourselves a goal
Sometimes it is difficult to motivate a child to save money. So that it is easier to set a specific goal. It could be a dream game or a toy. At first it may be a small amount. A few or a dozen or so zlotys. Such first savings will perfectly motivate our child to further actions.
To save money we could use a simple, transparent jar. We can label it with the goal and the amount that is necessary to achieve it. Through the transparent walls of the jar, the child will be able to observe how his or her savings are growing, as well as counting the money he or she has accumulated.
This method is very old, but effective. It teaches that money is something material. Additionally, it forces on the child patience and regularity, as well as stubbornness in pursuing the goal.
A few words of summary
Learning to save money is worth starting from an early age. Thanks to this it will be easier for us to root good habits in our child. At first, let's teach our children how to play. Thanks to this saving will be associated with something pleasant for kids.