From young my mother always asked us to save money. She always said don't spend money to buy unnecessary things, save the money so we can use the money when we really need it in the future. Here I would like to share some simple tips that you can teach your kids about saving.
1. Open bank account
Please open a bank account for your kids. Let your kids monitor the in and out of the money. Teach your kids about bank interest rate. By doing this, you kids will more cherish the money in their account because they know that is their money and how they can earn from interest rate.
2. Buy using own money
When your kids are asking you to buy toys, tell them this is the amount money in your account and how much you want to take out to buy the toys and ask the reason why they need this toy. The kids will learn whether it's worthy to buy the toys and you will find it funny because your kids will think very long which toy to buy.
3. Earn the money
Let your kids know they need to earn the money so they understand where they money come from. You can let them earn from reward for example if they archive good grade in the school reward them some money. This can teach them that money is not come from the sky... :)
4. Saving Competition
Having a saving competition can encourage them to save more. Let said if they can save until certain amount you will reward them.
5. Make Mistakes
Let you kids make mistake with their money. It is better they lose $10 toy car then later $100,000 real car. For example, your kids buy toy car using their money and when the toy car broke, communicate with them and teach your kids what they can learn from it. Tell the kids they can use the money more wisely. A small mistake for your kids will help them in the future.
Hope you all enjoy teaching your kids about saving.
