Posted on June 25, 2008 in latest news
Saving a penny now, means more to spend later. A child who learns to save early understands the value of money in adulthood. Spendthrifts fail to realize the value of money. They were never probably taught the necessity of saving. Learn early and value later. The child who keeps a penny aside will spend sensibly as an adult.
Parents need to cultivate the habit of saving in the child. Many parents do not like to discuss money matters with children. They either prefer not to discuss their financial matters with them, or do not want their children to concern themselves with their financial problems. Yet, parents should make children aware about money matters at an early age, even if they are short of money. Issues that come up while teaching children to save money are several. What are they?
Issues Concerning Child Saving Habits
- Creation of an open environment for children at home wherein the family members can discuss family matters
- What attitudes and values of parents regarding money are being observed by children?
- How should children receive money from parents?
- How should one communicate money matters to children?
- How to deal with influence of advertisements on children’s spending habit?
- Teaching children the value of money
Tips on Cultivation of Child Saving Habits
- Advise and guide the child rather than force the child
- Praise the child when he or she saves money
- Allow them to learn by failures as well as successes
- All members of the family should be involved in the discussions of money matters
- Parents should also exercise restraints in the purchase of certain items. Children will appreciate that parents also would like to control their expenditure
- Parents should think in terms of the child, not as an adult. A child would like to know how much a parent earns because perhaps they would like them to purchase a toy for them
Learning to save helps children to understand the value of money. They save for the future and also do not indulge in extravagant or unnecessary spending. Parents need to set up an example themselves by becoming penny-wise.
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