How to teach your kids to save money ?

What are savings? Is it necessary?

Sometimes we can’t afford to spend all the money we have on a more expensive purchase, or we don’t have enough money at all. Purchasing more expensive purchases unplanned is also risky because we never know when that money may be needed for a more important matter. Sometimes you have to save – set aside a certain amount of time from your income so that you can make the purchase you want after some time, or be careful and save for unforeseen purposes. It’s the safest way to buy bigger, but not-so-important purchases, like a good TV, a trip to Egypt with your family, or a new set of kitchen furniture because you don’t like the color you have.

Saving for children and its importance

How do children save? Usually, children spend money unplanned and recklessly – on the first small things that they see and they like. This is not good, because quite often children receive a fixed amount of money and immediately after receiving it know exactly what chips or sweets they can buy for them. Children often want more expensive items that they would not be able to buy from the money they receive, so ask their parents. This is a very common parental mistake as children begin to feel that saving more money is unrealistic and not even starting to do so, which can have a very strong effect in adolescence and old age when children want expensive items such as famous branded clothes, expensive phones or computers, as their friends have. It’s also worth noting that easy-to-get items aren’t stored by children for long, and they end up in the trash. The child needs to understand that it is not enough for their parents to swipe the card through the reader to get what they want. The child needs to be explained how the money comes in and that it is not very easy.

How does a child start saving?

Depending on the age of the child, the importance, benefits, and opportunities of money should be properly explained. Offer him something useful and interesting, such as a bike, a phone, or any other more expensive item he or she wants that you can’t buy unplanned. If this sounds too complicated for your child, offer to save for a certain amount of time and promise that if they will still be short on money, you will add as much as they need to complete their purchase. It will benefit both you and your child, and not just in terms of money. By not spending money, the child will start counting money, comparing prices, eat less unhealthy food and so much more.

Not just pocket money

Saving your pocket money alone would probably too long and make your child bored, instead offer your child a job. Don’t mix work with your child’s responsibilities, preparing lessons, tidying up your room, and washing dishes isn’t a job. Instead, ask him to wash the car, collect apples in the garden, or do something like what you usually do yourself. Mention when the work needs to be done and that you will be checking the quality of the work.

Keep track of how much you save

Communicate with the child so that he does not interrupt the saving process after a few days. Help him, encourage, advise, talk about how he is doing to save. We’ve also created amazing piggy banks- your first-name letter-shaped money box with glass. You will be able to keep track of your savings and, when the time comes, unscrew the glass, take out your savings without damaging your savings and continue saving for your next dream. It also has a child name engraved on the front This is the most popular choice of savings in Lithuania and around the world.

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