The practice of saving money should be inculcated into your children’s daily activities as early as their toddler years. It can be a little difficult, but it can be done. All you have to do is find interesting ways to explain to them why saving money is important. Here are three tips that you can follow to entice your children to learn how to save at a young age:
Change their piggy banks.
Instead of using the usual piggy bank, give your children a more interesting container for their money. Some examples include a glass jar, a bamboo tube bank, and a Mickey Mouse-shaped money bank. If you cannot find anything that you can use as a money bank, look for an envelope that your children can use to hide their savings. To make things more interesting for your children, have them design their own money bank. They can draw whatever they want on the envelope. Bring out the crayons, colored pens, and markers and watch them spring into action. Right after they finish coloring, sit down and give them some money to put inside the envelope. Then try your best to explain to them why saving is important.
Create a game that encourages them to save.
It can be a board game or a card game. A Monopoly board game is a good example. Explain the rules of the game to your children (if they do not know them yet). Once everyone is ready, roll the dice and play. In Monopoly, the objective is to have as many properties as possible without losing all your money. Instead of using that rule, use an alternative one where the players race to save as much money as possible. They can buy properties but must make sure that they do not lose money. The game ends when one of the players loses money. The player with the most money wins. After the game, do not forget to explain to your kids why saving is essential.
Reward your kids every time they put money in their piggy bank.
Every time your kids save, give them a reward. Come up with a point system that will be fair for everyone. In addition, you can even declare a weekly champ, complete with computations on how much he/she saved. Children like being rewarded, so this is guaranteed to work out well.