The most vital thing to make understand to your kids is how to save money. Being able to save for your future needs is very important for your ultimate financial well-being, security & long term happiness.
Making your kids explain through hands-on experience for saving is a much better way than just giving lectures to them.
Below are the points to take note:-
- Start with small baby steps & then leap:- explain to start saving for toys, chocolates or stationery & then as your child grows, explain to him about big saving for future goals.
- Balancing spending & savings are a very crucial thing to understand & execute, to manage your current expenditure & saving for hefty future goals need a fine balance
- Give them allowance based on your family structure, family beliefs & do also understand what they are exactly saving for.
- Matching their savings for their goals will motivate them to save for their future needs.
- Share how you save