Children and even teenagers do not really have much penny wisdom. It is not surprising as our environment is constantly placing undue emphasis on consumerism. With all the buy-buy that they hear, it is important that parents from an early age explain the importance of saving for a rainy day as well as the value of money.
The piggy bank approach
One of the best ways to start out is through the good old piggy bank. Hand a coin or two every day and ask your child to deposit in the piggy bank. It seems like all fun and games for little kids who are eager to do some activity which seems of an adult nature. At the end of the month, ask your child to keep some of the collected money aside and perhaps buy a chocolate from it. Thus, the child will realize that it takes a bit of money to buy even simple items like candy.
In case you have to fend off tantrums for a new car or doll, then you can even use an interactive approach. Suggest your child keep aside a small amount in the piggy bank for the toy. It can be just a fraction of the original (either way you would have to buy it as most tantrums are persistent) but it would impress the fact that things aren’t so easy to get.
This doesn’t mean that you are encouraging the child to view the future as bleak. You are instead giving a slightly more realistic and practical view of life. Though most people don’t realize it, children can be very perceptive and curb their needs if they feel their parents can’t afford things.
Pocket money makes most children and teens feel independent as they don’t have to pester their folks for each and every of their wants. Keeping a tab on what they are spending their money on is important. It may be difficult and take some doing but impressing upon them that their weekly allowance must last a week and cater to more than just burgers and sodas goes a long way in showing them the importance of keeping some money aside.
Suggest that they plan out their expenditure. Like suppose Tasha wants a new dress or Jim some sports shoes, they can deduct the expense from their subsequent pocket money allowances.
Opening a bank account for your child is a must. Initially you can start it out and add some money monthly. Once your child is a teen, increase the pocket money but suggest (and personally see to it) that some money winds up into the account. It doesn’t imply your child is irresponsible if you’re keeping tabs; it’s just that there are a lot of places and ways to spend all that hard saved money.
If they do any part-time jobs, let them spend some money on clothes and gadgets if they like but see to it that they keep some of that money in the bank. Most importantly, beware of handing teenagers credit cards as people buy on a spree or out of temptation as several shopaholics can testify.
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