5 Simple Tips on how to teach your children to save the money

5 Simple Tips on how to  teach your children to save the  money

Many young TODAY  hui does not include the value of earning and spending of  money. They don  were not oriented that  investment is necessary, even if they are still students. As parents, you play a crucial role in this field.

You should be able to  teach your children about how to  save the  money. They should be able to understand the concept of  silver and  investment from the  childhood. This will prepare them to learn the management of  money, as that  they age.

Here are some tips on how you can teach your children how to save  money:

1. Your children must be educated of the meaning of  money. Once your children have learned to count, it  is the perfect time for you teach them the real meaning of  money. You must be consistent and explain to them simply and often so that it  they may be able to remember what you taught them.

2. Always explain to them the value of  savings. Make them understand its importance and how it will impact their lives. It is important that you entertain questions from them on the  money and you should be able to  respond immediately.

3. When giving them their allowances. You need to give them their allowances in denominations. Then you can encourage that  they must keep a certain bill for  future. You can motivate them to do so, saying that  money can be saved and they can buy a new pair of shoes or toys that  they want once that  they are able to  save.

4. You can also teach them to work for  money. You can start this at your own home. You can pay fifty cents to one dollar for every time that  they clean their rooms, doing dishes or feed their pets. This concept of earning little  money to make them believe that  money is something that  they worked and must be spent wisely.

5. You can teach them to save the  money by giving them piggy banks where they can put coins and  wait until  to what  they get full. You can also open bank accounts for them and submit them to the  money from their allowance. You must always show them how much they have won to maintain their motivation.

money and  savings is not something that is learned by children in one sitting. You must be patient in teaching them and relating to the value of  money in the  all their activities. Children also learn easily if you're patient and consistent in guiding and encouraging them in this endeavor.