Saving money is a very good habit for any kid. Here we are talking about how you can teach your kids the value of money. It is a very good time these summer holidays to teach this life long lesson.
Start at the right time
The earlier you start teaching your kids about money the better it is for moulding their financial personality.
Show them the magic of delayed gratification
Give them one pastry now or a cake later if they wait. This will teach them how curbing their urge now can be beneficial for them later.
Let them earn what they want
Pamper your child with love for money. Let them work hard and reward them a little for doing small chores like cleaning their dishes, making their beds etc.
Allow them to spend
Ask your kids to make a wishlist. Give them a certain amount to shop for themselves and tell them to keep whatever remains. They will tend to prioritise their wants and save as much as they can.
Let them have their own investments
You can start a mutual fund systematic investment plan on your child’s name. Since it is their own investment, they will be interested in learning more about it and will also be encouraged to save more.