Many of the financial problems we face as adults come from the lack of financial education in our childhood. Financial education needs to be addressed from a young age. It’s our duty as parents to teach our kids the value of money and the importance of saving.
How do we manage to interest our kids in saving in a fun way? Here are some tips that can help you:
- A piggy bank always gives good results. Make sure their piggy bank catches their eye, but also make sure to encourage them to use it.
- Play savings-related games. For example, make your kid your financial assistant and spend some hours “working” by counting the money saved up in his/her piggy bank; explain the progress and establish a goal. Goals are always good to motivate kids.
- Math doesn’t have to be boring for our kids. Use colorful, attention-grabbing objects to teach them basic addition and subtraction operations. This way you can bring up subjects like saving and spending through math.
- Memory games. Create games where the kid has to remember the different coins, dollars and their value.
- Go Shopping. Turn your shopping trips into fun classes by telling them how much an article costs and then comparing it to a less expensive one.
- Assign your kids chores and reward them with things they like. This will help him/her relate earning money with effort and work.
- If you have more than one kid, they can compete for which one is the biggest saver. At the end of each month you can give them a reward for completing their saving task.
- There are kids’ clubs where finances are integrated to their activities. Groups like boy scouts, soccer teams and ballet classes sometimes need a treasurer. Involve your kids in these kinds of responsibilities so they can further learn about finances and gain experience.
- Reward their effort. Kids can feel motivated to continue saving if they are rewarded. It doesn’t necessarily have to be a monetary reward; you can make them achievement certificates or give some special permission.
- School sales. If the school gives your kid some candies or tickets for a school raffle, help him/her to sell them in your community. When you’re done selling, take the time of counting the money gained from the effort.
Saving is a skill with life-long benefits for your kids. The earlier your kids start to get involved with their financial education, the more beneficial it will be for them in the future. Show your kids how fun it is to save and you will see immediate results!
For more information about how you can help your kids to save, visit popular.com/club-ahorro.