Features of Savings for Children. Saving for money and investing it in a correct way is an important usually taken time to master and adhere to it, so it is important to know the importance of saving for children at an early age, especially as they are trapped in this huge amount of consumer goods, and the ads addressed to them that encourage them more spending without knowing their basic needs.
Features of Savings for Children
In the following lines, we explain Features of Savings for Children:
Teach your child to distinguish between his desires and his needs
Features of Savings for Children. Explain to him that the needs are essential and indispensable, such as food, housing and clothes, and his desires are all that is more than that and can be dispensed with, such as buying an expensive game or going to the cabarets, to know how to determine his priorities.
Help your little one
To determine his goal of saving the money and the time he needs to reach, so that he finds the motivation to continue saving, and learn to determine his priorities.
Buy your child
Features of Savings for Children. Or help him make a lottery to save money, and with time he opens a savings account for him in a bank to enhance his savings value more, this method will help him to continue to increase his savings, and to determine greater goals for child’s.
Teach your child savings
By playing, a game like “Monoboli” learns the youngsters the value of money, preserving it, making spending decisions and knowing its results.
Encourage your child to earn his own money
Features of Savings for Children. Perhaps by doing some household chores that suit his life in exchange for a material they define, such as polishing silver or carpet cleaning, earning money will teach your child the value of the work and estimate his effort and pay his money carefully, and it is important that these works are extra for his daily routine tasks, so that he learns that he helps at home Because it is part of the family and not for money.
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Repent your child to write down his daily expenses
This method will help him to evaluate his expenses and modify it according to his savings goals.
Submit your child some rewards to encourage him to continue
Features of Savings for Children. Especially if the goal he set needs a long time to reach it, you can reward him by giving him an amount equal to what he souted from time to time.
Talk to your child about the importance of giving
For charitable societies or the poor and the needy, and he can savings a small part of his expense and donate it to feel the value of what he does.
Leave your child space for error
Rushing to spend money or buy something that he does not need will teach in the future what the money should not be paid.
Scientific value of money by lending it
Features of Savings for Children. And determine the time and way to pay the debt in advance, and it will learn an additional lesson, which is patience, until it reaches its goals without implicating himself with burdens over his material ability.
Talk to your child about your savings plans
And put the monthly home budget, you can also request his help in comparing the prices of commodities you want to buy to get what you need at the best price, this will encourage them to ask your advice in the way to spend their savings.
Be a role model for your child
Features of Savings for Children. Children are learning to watch if you are demolished and you cannot determine your priorities, so your little one will gain this nature from you.
You can share your child in saving by specializing in a quotation for you and putting a goal, and make him watch you and you get it when you save your price.
When do I start teaching the child the importance of savings?
- At the age of 3 years, children begin to absorb financial concepts such as savings and spending.
- And at this age until his completion of five years, start in teaching your child that he has to save and be patient until he gets the things he wants.
- This message can be delivered to your little one when standing with a payment queue in the supermarket, to explain to him the importance of waiting until we get what we want.
- Or by encouraging him to put a small amount in the result daily in order to purchase a specific game.
- From 6 to 10 years, teach your child the importance of making decisions on how to spend his savings and set his priorities.
- Features of Savings for Children. At this age, you can give your child an amount of money to choose and buy the type of fruit he prefers to learn himself, and you may start explaining the reason for choosing to buy a specific commodity without the other according to the budget of the house.
- At the age of 11 to 13 years, explain to your child the value of savings at an early age.
- And help him set long -term goals greater than just saving to buy a new game or phone, for example, to go on a tourist trip before preparing to enter the university.
- Features of Savings for Children. As your child reaches 14 years, discuss with him his options to complete his university studies.
- And any universities he wants to study and material cost, and when he enters the university, he encouraged him to work in addition to studying.
- Until he starts to get used to material independence and plan his life away from the family.