Money Saving Tips for Kids

A penny saved is a penny earned.
—Benjamin Franklin

The Talk

Kids are the most innocent people in the world. Their curiosity sometimes gets the best of them, it’s very important to instil the habit of saving money among them from a very early age. Parents have to realize when to plan and how to deliver their money saving tips for kids. These young people can become extremely responsible once they understand the importance of savings. They can also inspire us to be responsible and careful and avoid spending money on unnecessary items.

Buy a Cute Piggy Bank

Kids do what they see, so if you gift them a piggy bank and on a daily basis put a coin in it in front of them, kids will soon start following your footsteps, you can encourage them to save the money they get on their birthdays and festivals from their relatives and in a kind tone put it across to them how after a few days the piggy bank will have lots of money with which they can buy many things like nice shoes, coloring drawings. Parents can start with one month, saving goals and once kids see how over a period of time they have saved so much money they will be encouraged to save more so they could buy a bigger gift for themselves.

Games and More Games

Secondly, you can play a game of how to save money tips for kids love games; it not only gives them a challenge, but also something they want to prove they are best and this way you can involve them in small house chores like cleaning bedroom, arranging their books and give them a coin which they can put in their piggy bank.

When the kids have reached the age of 8 or 9 years, it will be time to sit them down and tell them about the difference between needs and want as this is the age when their demands increase as they become conscious of their peer groups. You can give them a nice chat about what they always want is not really important, rather than spending on it kids can save this money to buy a nice book for themselves, or a game like scrabble which is not only educational but also fun. This will help them differentiate better between things that are nice and what is more important.

The best way to impart saving tips for kids to other parents as well as own children one needs to be tactful, use games that will encourage kids to indulge in saving habits at the earliest.

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