Thursday, March 30, 2023

Tips for teaching children to save money.. Tips and methods for saving money for children

Tips and ways to save money for children:

  • First, the concepts of saving should be clarified to the child by talking to him and exploiting the benefits of dialogue in persuasion, or stories and stories about saving money for children can be used.
  • The child must differentiate between basic and luxury matters.
  • Encouraging the child to earn money by himself, by assigning him some tasks and giving him money for what he has done.
  • In order for a child to save, he must have an allowance.
  • When a child wants to get a specific toy, teach him to save 20% of his money to get it himself and his own money.
  • After the child buys whatever toys he wants from the money he has saved, you can now explain to him that money and work are linked and therefore it should not be spent on things that do not benefit.
  • It is possible to give the child fun ways to save, such as buying a cute piggy bank.
  • Give the child a reward when they reach a certain savings amount.
  • If you are planning for your child's future and entering money for him, the best way to save money for children is to open a bank account for him.

The subject of teaching the child the culture of saving money may take time, as the child cannot resist his desires as easily as adults, so parents must work tirelessly to teach their child this habit, taking into account not to put pressure on the child and affect the child's psychological health.