Children are honest at heart. They start acting the way you mold them. This is the reason why it is advised to teach children everything slowly from an early age, but have you ever thought at what age should we start teaching them to save money? Let us tell you about it.
It is important to teach the child from this age
When the child starts growing up, parents start worrying about his future. Some think about career, while others start planning for bank balance. All this is very important for children, but more important than this is that they should be taught many things from childhood. One of these is saving money. When the child becomes capable of understanding things, he should be told about the importance of money. Along with this, he should also be taught to save money. This age can be four to five years, because by that time children start understanding everything very well.
Set the trend with fixed pocket money
The best way to teach children to save is to give them fixed pocket money. They should be told that they have to buy the things they need for the whole month with this money and this money will also be used for their fun. Also, children should be told that they will get the money next month only. With this, children will gradually learn to save.
Explain the difference between want and need
It is possible that when the child gets pocket money, he may foolishly spend all the money on his fun and enjoyment. In such a situation, explain to him the difference between want and need. When the child starts understanding both of these well, then he will also develop the understanding of saving.
Give incentives for saving money
You can also gift a piggy bank to teach children the method of saving. With this, he can learn to save small amounts of money. When the child saves some money, deposit it in the bank, so that he gets the practice of saving. You can also encourage the child to save more. For this, you can see how much money he is saving from his pocket money in a month. If he is saving in the right way, then you can also encourage him by giving him incentives, so that he will be more alert about saving."text-align: justify;">Read also: You should not be pressuring your child to join coaching classes during summer vacation, this causes these problems