How to Encourage Your Children to Save

Pink Piggy Bank

I want to thank Insular Life and sis Ellen Cayaba for this cute pink piggy bank. As soon as I laid my eyes on it, I know that it’s for RJ. Our daughter loves saving money for the things she wants to have. My Mom said may be it is because of her Ilocano blood (Ilocanos are known for being thrifty and frugal), but I know it is because of the values she learned from us. Hubby and I taught RJ to save at an early age because we believe that the earlier we educate our children about saving and spending, the earlier they will learn the value of money and the better prepared they will be to handle their very own money in the future.

So, how can you encourage your children to save?

Save Money in Front of Your Children  Keep your own piggy bank to show them the way you value money. Learing about the value of money, the way to budget, spend and save wisely, are the most important abilities that your kids will learn from you.

Encourage Them to Set Goals  If there’s something your children really want, take a seat with them to work out exactly how much it will cost, what they need to do to achieve it and how long it will take them to buy it. Let them know that if they’ll save everyday, the sooner they will get what they want.

Give Monetary Rewards (need not be a big amount) It’s a way of saying well done for every good deeds your children do. Giving your children monetary rewards after they helped you with the household chores will not just encourage them to save but to help you again the next day.

Hang Picture Cut a picture of what your children are aiming for then hang it on the refrigerator door or on their bedroom wall or anywhere they can see it often. This is to remind them of what they are saving for.

Praise your child for any amount of savings Telling your children that they are doing well in saving money will help them know that they are doing the right thing thus, they will feel good about themselves. This will encourage them to safe more.

If you think that it’s too early for your children to have money talks, think again. You don’t want to talk to them when they are older and the habit of wasteful spending is already formed. Why wait when it could be too late?

Comments

  1. Gene says:

    Useful tips mommy Rossel! I introduced our toddler to saving money, our story on how we taught our kid to save money, just an idea for now. But when she gets older, I have to thoroughly explain to her and I’ll make use some of your tips here.

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