Developing strong financial habits early in life means never having to deal with these issues later on. Teach your children to save starting now.
Kid saving money to form a good financial habit
A kid saving money is the one who will grow up as a man of financial wisdom. Here are some tips that parents can use to encourage their kids for saving the money.
Do not force the savings on your kid as he can develop a hatred for this habit. Instead, make kid saving money a fun. When you see your kid saving money, make this a fund for him. Do not try to lecture him on savings benefits. Just make the savings as enjoyable and fun for the kid as you possibly can. You can use jars or envelopers with pasted pictures of the things that the kid wants. Ask the kid to put coins in the jar for buying that toy or any other thing.
If you want you kid saving money as a habit for future, encourage the kid by offering him rewards. Just as credit unions reward you with free t-shirts and many other attractive prizes, you can also imitate that model for your kid. For instance, if you notice your kid is not spending money from savings for a long period, giving the kid a small prize. You can let the child watch the video games and play toys for extra time as a reward for savings.
Make yourself an ideal for your kid saving money. Kids learn by observing their parents. Let your child see you when you put some money in a jar. Tell the kid that you are putting the money in the jar for savings and that this money will be used if you face some crisis.
Sometimes, putting some money in your kid’s jar is a great encouraging factor for the child. When you contribute equal amount of money to your kid’s savings, this gives the child a preview of the way savings works. However, you should use this option wisely and only when the kid has saved good amount of money on his own. These kid saving money encouraging tips will surely help your child form a good financial habit for a brighter future. Evaluate your kid’s progress of saving the money and observe his keenness to save more.
Advice to save more as kid
1. Hide your coins everywhere so that even you can not find them easily and you save more money this way
2. Find out how much money you need to buy things like toy and save accordingly
3. Spend little from your savings.