💸 5 tips to teach your child to save money💰

5 Tips to teach your child save money

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Happy 5-2-1 Impact Thursday!

Here are 5 tips to teach your child to save money, 2 quotes that will inspire you & 1 Question that'll get you started to think about this week.

5 Tips to teach your child save money

 
 

📌 1. Discuss wants vs. needs📌

Help your child to first identify and then differentiate between desires and necessities. The goal is for them to be able to evaluate on their own. Teach them how to prioritise food, healthcare, clothes, and education over toys, gadgets, and movie tickets.

✅ 2. Make Them Work For Wants

Instill in your child the principle that if they want something, they need to work for it. A great method is to get them to request for what they want, then allow them to earn it by helping around the house – putting the trash out, washing the car, or helping wash the dishes after a meal.

💲 3. Set Savings Goal 💲

Help your child understand the concept of cost, price and time (to save for an item). Educate them to set a budget and slowly introduce the concept of opportunity cost and delayed gratitude. You'll be surprise that they can understand the concept even at a young age.

💵 4. Show Your Kids Where Money Goes 💵

Teach your children about money in everyday scenarios, including where it comes from and where it goes. Show them for example the electricity bill and how much you had to or need to work to pay for it.

📋 5. Track Expenses 📋

Tracking your child's daily expenses with them. I mean really sit down with them and do it. Set a weekly time to do this. This way, they will have an understanding of how expenses works and slowly and surely, they will inculcate this habit on their own

☁️ 2 QUOTES FROM OTHERS ☁️

1.

“Never spend your money before you have it.” – Thomas Jefferson

2.

“You must gain control over your money or the lack of it will forever control you.” – Dave Ramsey

❓1 Question For You ❓

How do you teach your child to give graciously?This is often an overlooked aspect of finance but important when they get older. To be able to give is a blessing.

Dig deep, get asking.

Until next week!

Caleb & Megan
Founder, SG Smart Parents Conference
Straits Times Featured Property Advisor With 12 Year Track Record

#psalms23

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