Steps Towards Inculcating The Habit Of Savings Among Children

We all should make sure that we make our children understand the value of money and inculcate the habit of savings for their better future. I would like to share with you some tricks I used while inculcating the habit of saving and to make my kids understand the value of money.

Save small but save everyday

Being in joint family my kids get lot my gifts in form of cash or kind from grandpa grandma and

other relatives.

I used their piggy bank as the source for saving; they were allowed to spend money only if they saved 20% of money received. After 2 years I made them count the money they had saved by doing this regularly

Woo!!! They were surprised to see how much they had saved. To the effect of this they now save around 30-40% of money they receive in the form of gift.

Great bargains but reasonable

We had went for a trip to Matheran, an idea struck to me, when on the first day both the kids demanded horse ride for the second time.

I told them to ask 2 horsemen the cost of ride to a particular point and then request them to give discount for Rs10.

Believe me their reasonable bargain made them enjoy ride and they actually got one ride free from every Rs 10 they saved by bargaining

Not all is for future-but accumulate and spend wise

I personally believe that not all money earned is to be saved or is to be spent, but yes we should save and spend wise. Like the savings which kids made by allocating 30-40% in their piggy bank and the kids could even buy a new game for themselves along with saving money

Proper utilization of hard earned money

I usually ask my kids to donate something to needy or to give biscuits to dogs and tell them to buy those things from their piggy bank savings. By doing this they will always be lender to the needy and not to the greedy. Also as parents we always teach our kids not to give money to the needy instead give them something in kind, which the needy can use for themselves and not for the MAFIA.

Money is not everything

Every time when we all go out, we try to make a mixture of malls, open gardens, taking along packed home food or good restaurants and I usually ask them couple of questions i.e. where they enjoyed more and where they found freshness. By doing this we indirectly teach them how to manage their expenses and the most important is to make them realize the value of family.