5 SURE FIRE TIPS TO TEACH YOUR KIDS ABOUT SAVING MONEY

The importance of money management in this day and age cannot be overemphasized. The teens of these days have not been taught to understand the value of earning, saving and spending money. Nearly all of them have not been orientated to the fact that it is very good and important to invest, whether they are still students or not.

As a parent, it is your responsibility to teach your kids the wisdom of saving and investing money; by making them understand this concept right from their childhood, they will be better prepared for the future as they learn to manage money wisely. Here are 5 hot tips that will reveal exactly how to teach your kids the ways to save money.

1.   Once your children have learnt how to count numbers and listen to instructions, go right ahead and educate them about the concept of money and its meaning. Make sure you explain in details and in very simple language for easy understanding. Do this as often as possible in order for them to keep your teachings in mind.

2.   Give them the details about the value of saving money, and not just for the rainy day. Let them know how important it is, and the impact such action will have on their lives in the future. Answer any questions they might have about money as honestly and as straight forward as you can.

3.   When giving them their allowances, urge them to keep a certain bill, or a number of them for that matter, for the future. Of course, you must motivate them by telling them that the money they save can be used to buy that new bike or that set of video games they have always craved for.

4.   Another hot tip often neglected by parents is to teach your kids how to work for money. They do not have to somewhere else to learn how to do this as they can earn money right under your roof. Yes, you definitely can start this trend in your own home! Start by rewarding them with say, fifty cents anytime they clean their rooms, or do the dishes or any other household chore without being prompted. Do not over-do this. The idea is to make them realize that money earned by working is to be spent wisely.

5.   You could also give your kids piggy banks to save their coins until it gets filled up. Opening of bank accounts for them is also advised, and teach them how to save some of their allowances by depositing in those bank accounts. Constantly motivate them by letting them know how much they have saved thus far.

Patience, consistency and motivation are the keys to use whenever you decide to start teaching your children the ways, the value and the importance of saving money. As you do this, your kids will sure learn these concepts easily and put it into practice in their day-to-day activities.

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