Money is a topic that has to be covered as your child is growing up. However, the excitement and thrill of having spare change to splurge on might tempt your child to spend it instead of saving it. Hence, it is important to teach your child to save money, and what better ways to inspire him than through fun and interesting ways.
Get hands-on
A great way to inspire your child to start saving is to have a vessel to save that money in. Instead of going out to buy a piggy bank, make one with your child alongside easy Do-It-Yourself piggy bank tutorials online. These tutorials are easy to do with household items and allow your child to get hands on to create his very own piggy bank. A more personalised piggy bank will let your child feel more inspired to save money as he is more attached to it.
Visit the bank
Open an account for your child and bring him along with you. This way, he will feel more involved in the process of saving money. It will also be a good opportunity to introduce your child to saving money and how money works.
Set a saving goal
Create a goal for your child to meet in terms of saving money, and list out the steps he has to take to meet that goal. This motivates your child to save money. Keep on track to ensure that he is saving money every few days. Such a practice might even ingrain a habit in your child to save money since it is done so often.
Children’s bank accounts often have goal settings as well. Reward your child when he saves up according to the saving plans given. These can also be used to encourage your child to save regularly.
Learn about hard-earned money
Something that children need to learn eventually is that money is hard to earn. Give your child opportunities to earn money at home, such as doing extra household chores. By learning that money is not free, it allows him to understand that money should not be spent on a whim, and that every cent that is earned counts.
Reward good actions
If your child succeeds in saving money, this means that he is able to practise self-control and does not give in to temptations. Such positive behaviour should be rewarded to show that you acknowledge the hard work he has put in and encourage him to continue. Reward him with items that he would save up for like video games or match the savings he puts in every few months. This can motivate your child to continue saving.
Learning through play
There are a lot of toys and board games that cultivate the action of planning and realising the meaning of money such as Monopoly and role-play toys. Playing these games will give your child first-hand experience with managing money, even though it’s fake money.
Be a good role model
Children often learn from others. Hence, a good role model is needed for your child to learn by example. If your child witnesses you saving money and being frugal, he will learn by example and see it as a priority in life as well.
