Being resourceful is a trait that is always associated with saving money. The act of saving is often easier said than done as challenging factors arise when a child decides to save a part of his money that he receives in terms of allowance, rewards or earnings from errands made. Such factors come in the form of wants and needs. A child’s eagerness to fill up his piggy bank at a certain timeframe sometimes fades when faced with the ‘want’ to buy a new toy, gadget, or a trendy accessory.
Only a very good and convincing explanation coupled with patient persuasion can probably make him decide to forego the toy, accessory or gadget and stick to his desire to save, waiting for his savings to grow bigger until the time when his savings in the piggy bank is ready to be brought to the bank for safekeeping.
To avoid such situations, parents can explain to their children the importance of saving in a manner suitable to their age and in a way parents manage their family finances. Aside from the money saving lessons taught at a preschool in Bexley, children should be made to understand the significance of having a budget the family members should follow wisely and this will make the children aware that savings can only be done when the family does not spend more than they earn. By being conservative when spending the money earned, the amount that is saved can be used for a celebration of a special occasion, holiday, emergencies like hospitalisation, or being able to help a family member, relative or a friend who is in need. If children are taught at an early age the importance of saving, they will not only be educated on the importance of the money earned but also in the conservation of house supplies, as well as managing a budget properly.
Kids will learn to appreciate the importance of using things wisely so that no unnecessary expenses will be made. Therefore, the idea of learning to save money will come naturally from them and will also establish self-control when they are faced with the urge to spend without thinking and forget about their money-saving goals.
The following points can give parents the opportunity to teach their children how to be careful in using the family money and resources and most particularly, the smart way of handling their money:
A good learning activity during bath time is showing your little one how to use the soap, shampoo, and water with care. Explain to her that if things are used carelessly, the supply will not last long and the family may need to buy and replenish them already, making the family spend more and sooner than expected. This means additional expenses for a particular house supply or grocery item.
Post an artfully-made frame in the most visible part of the dining room with a wise quote or a reminder for the kids not to be wasteful of food. Every mealtime, tell them that they should take only the food that they can eat. Getting more and leaving a substantial amount of food is a waste of money because the food is brought to the table when there is money to buy them. So, being wasteful in food is equal to being irresponsible in handling money. When kids realise the value of conservation, they eventually recognise the value of saving money.
Grab the opportunity to teach them whenever or whatever. Teaching to be more cautious with money is not only done within the environment of the family home. Be it in the mall, in the park or in the beach, they can be taught the idea of saving. This is teaching them consistently the importance of being careful of losing a slipper in the beach, breaking a toy, and keeping their things in a childcare or at the school so that they avoid unnecessary purchases and replacements which means more expenses for the family. When they are taught to be responsible in their things, they learn how to be attentive in managing their finances.
Parents should practice everything that they teach.
Children learn best by example so if parents will always walk their talk, children will be able to adopt whatever character trait the parents are exhibiting to the kids. When kids see the values imposed on them being lived by parents, they simply take them on and practice this during early learning through their journey towards adulthood.
Piggy banks and coin banks.
Provide a piggy bank to the kids where they could put the money left which serves as their savings from allowances, gift, etc. The kids can choose to buy a cartoon-themed coin bank or parents can join their kids in crafting a DIY coin bank, painting them creatively and adding some catchy labels like “Feed me more, so you’ll get more” or a smiley face saying, “Hi! Do you have a coin for me?” This will make saving fun and engaging for the kids. Making the kids feel motivated by saving without intimidating them is a great way to establish a good money saving behaviour. Giggles ELC, a kindergarten in Bexley, holds enjoyable creative activities that also teach the kids how to conserve resources and save money.
Teach your youngsters how to take care of their money in their wallets and to be cautious not to lose them in buying things that they do not need. Things that they ‘need’ are those that are really useful to them in their daily lives. Things that they ‘want’ are products of random buying, which mostly do not give them long term benefits. In short, it is a luxury thing and the amount spent may be more beneficial when added to their savings. This creates a realisation in them to be patient, disciplined, and to prepare for their future — a good trait that can be also translated to the other areas in their life.
Indeed, the saying “Waste not, want not.” are precious words to live by; and if our kids are taught how to save, manage, and grow their money at an early age, they will grow up to be smart with their money, responsible, and successful adults.
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