Growing up, most of our parents did not teach us the discipline of financial savings and investments. Most of us would have been better savers if we had the needed skills right at a younger age. Good parents have however been able to save for their children’s future while others have taught their kids the importance of making and keeping money for their financial freedom. I believe that it is time most parents teach their children how to save money. This will be a lifelong practice as children are able to remember and imbibe such culture at a tender age.
It is important to teach children to take charge of their finances by providing them with financial education, guidance and coaching. No better time to do that than now when all of us are spending more time with the kids and staying at a time when schools have shut down.
The book, ‘’Rich Dad, Poor Dad’’, teaches relevant lessons on how a young boy learnt financial literacy from two fathers. One was his biological father, the other was an adopted father. I highly recommend the book to anyone who has not yet seen it.
First of all, teach your kids to earn money by paying them a few notes for their chores at home. Now, check how they spend these monies by teaching them to save up money for their own needs.
Secondly, reward good behavior by dashing out some amount of money to the children who behave well at home. This will not only motivate them to be good children, but will allow them enough room to earn some money on their own. These monies must be set aside for the rainy days, when mom and dad are not able to buy them the things that they need so badly.
Also, motivate your children to finish up tasks like school assignments and house chores by rewarding them with some few currency notes. This makes your children well disciplined to start and finish whatever tasks given to them on time. The monies they make can go into their savings for future use.
Traditionally, the ‘susu box’ is where most of us save our monies. Some of you may call it the piggy banks. Piggy banks are good ways to start teaching your children how to save. Help them to keep some coins in there for a specific time period. You can both check the progress by counting the total amount of money saved at the end of the time frame.
Reward their saving culture by taking them out to the parks and taking them for shopping. This will instill in them the discipline of saving more and spending less on toffees and other items which they may not necessarily need at the moment.
Like they say, teach the child the way he should go, and he will never depart from it. Good luck with these tips, parents!