Money-saving is something we cannot skip! It ensures funds for the future and gives us security against financial risks.
That’s why everyone must have this habit. The earlier you start, the greater you benefit!
That’s the formula. Well, then, why not learn money-saving habits from childhood. As a parent, you can always teach money-saving habits to your child.
Let’s see how money-saving habit benefits child & teen:
It helps kids & teens learn the value of money
Anything is great to learn in childhood! By learning how money works in childhood itself, your child will be able to better manage finance in adulthood.
Well, things are changing for the good of children these days!
With apps like Finsav, your child can build daily, weekly, or yearly saving habits. Say, if he/she learns to save at least Rs 10 daily out of his/her pocket money and can see accumulated amounts at month-end or year-end, he/she will be surprised to see a big saving amount!
This way, your child will learn the value of money!
The child will know the value of money lies in saving more than spending. Being an adult, he/she will save first and spend later!
It teaches personal finance to kids & teens
Many of us know the importance of designing personal finance strategies for ourselves! It helps manage funds more smartly.
There are various threads to personal finance.
By learning all of them, your child can learn about loans, savings, fixed deposits, mutual funds, investing, recurring deposits, etc.
A simple understanding of financial terms can generate curiosity in a child and encourage him/her to learn more! How do you develop a money-saving habit? Start with giving a piggy bank!
Help build a habit by asking them to put a coin in the piggy bank every day out of their pocket money.
Also, try digital apps for financial education. On apps like Finsav, There are courses like ‘What is Finance’, ‘What is money and why it matters, etc! Such courses are designed to help your child learn in a fun way!
Such finance courses are an excellent way to drive learning curiosity in your kids or teens.
Such multi-featured courses will teach the child how to manage personal finance in a fun-loving and interactive way!
It gives kids & teens a sense of achievement
Parenting starts with building the right habits that help children grow.
By doing good tasks like completing homework & building a habit like brushing teeth every day-&-night, your child feels a sense of achievement.
Why not follow the same technique while teaching personal finance. It could be a great start!
The concept of money-saving might be new for every child! After all, it’s not taught in schools! Your child may be reluctant in the beginning to learn a new subject called money saving!
Well, if that’s the thing, it’s your job to make things interesting! Build a money-saving habit in your child in a fun-loving way!
Well, it’s easy! You can assign small tasks to your child via digital kid’s finance apps! On such apps, you can assign tasks like doing homework, watering plants, etc.
These are all daily tasks of a child’s routine but important! Parents know it already!
For each task completed and habit built, you can appreciate your child by giving reward points on the app itself. Such good things are possible on apps like Finsav.
It will give your child a sense of achievement every time! Also, the child will learn more about money.
It helps build life skills
Well, learning new skills involves hard work, smart work, patience, thinking, one-pointed focus, and many skills!
All these skills later help lead a good lifestyle!
While learning money-saving habits, your child learns all these things! He/she is challenged to think and get better.
Sometimes, he/she might fail to save money daily or weekly. Every failure will teach a new lesson.
In spite, those failures will set a new beginning to something great! All these are important life skills that all parents know!
Here’s a good example! While saving Rs 10 daily out of pocket money, your child will learn to plan, organize, and execute tasks.
Say, out of entire pocket money, how to plan on keeping aside Rs 10 daily for saving! Also, the child will learn the importance of self-commitment.
It gives a better future to your child
Good deeds lead to good endings! Heard of cause-and-effect law?
It’s the same thing when it comes to building money-saving habits.
Building good habits in childhood will make your child’s future better! Well, how will it make a child’s future better? Your child will learn what money is and why it matters. How does saving multiply your money? How does money compounding work? How does spending reduces income, and, does saving or investing adds to overall income?
When your child will grow-up as an adult, he/she will be wiser, sensible, and smarter than others. That will build a foundation for something great in the future!
Well, after all, it’s not always about earning money!
It’s more about how much you saved rather than how much you earned!
Over to you
In conclusion, all these money-saving lessons will help make smart spending decisions in the future.
Your child can live a lifestyle within a budget as he/she gets older. The kids & teens will be able to grow their money at a young age.
So, better get started with building good financial behavior from now on! Today is a good day to start!
