How To Teach Your Kids To Save Money.

A lot of teens nowadays do not understand the value of earning and spending money.
They were not oriented that investing is necessary even if they are still students. As
parents, you play a crucial role in this area.

You should be able to teach your kids on how to save money. They should be able to
understand the concept of money and investment as early as childhood. This will
prepare them to learn money management, as they grow old.

Here are some tips on how you can teach your children how to save money:

1. Your children should be educated of the meaning of money. Once your children have
learned how to count, that is the perfect time for you teach them the real meaning of
money. You should be consistent and explain to them in simple ways and do this frequently
so that they may be able to remember what you taught them.

2. Always explain to them the value of saving money. Make them understand its importance
and how it will impact their life. It is important that you entertain questions from them about
money and you should be able to answer them right away.

3. When giving them their allowances. You need to give them their allowances in denominations.
Then you can encourage them that they should keep a certain bill for the future. You can motivate
them to do this by telling them that the money can be saved and they can buy new pair of shoes or
 the toys they want once they are able to save.

4. You can also teach them to work for money. You can start this at your own home. You can pay
them fifty cents to one dollar every time they clean their rooms, do the dishes or feed their pets. This
concept of earning little money will make them think that money is something they have worked for
and should be spent wisely.

5. Give them piggy banks where they can put coins and wait until they get full. You can also open
children bank accounts for them and let them deposit money earned from working or  their
allowance. Always show them how much they have earned to keep them motivated.

You may wish to remind them of possible religious demand on their income or the need to be charitable
with their part of their income.





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