You might be a multi-millionaire today, but let’s accept the fact that your today’s prosperous financial status is a result of a long struggle that required you to save money and avoid a lot of things in life. But there you have it, you are now fulfilling your dreams and have the peace of mind that you always wanted. Now it is time to pass this on to your future generations. To make sure that your kids have enough money to keep things as you have created for them, you need to make sure that you motivate your kids to save money too. This might be something new to them but they have to start somewhere. If you own a business, you can make sure that you teach them a thing or two about business when they are young.
In the current age of technology, apps and gadgets there is so much that you can leverage and make sure that your kids are saving some money before they become adults. You can teach them in different ways by having a look at different parenting guidelines by having a look at the different tutorials available on YouTube. The best way to get this done, you can use Internet services offered by Charter Bundle deals. This way it becomes easier to have a look at different online sources and advice from experts and even download different apps as well.
For now, let’s have a look at the different ways you can motivate your kids to save money for yourself as well:
Let Your Kids Know The Difference Between Wants and Needs
You might remember that first lesson you must have learned in economics. This is one of the basic things that your kids should know in order to differentiate between what they should have and things that they can live without.
For instance, people need food, shelter, healthcare, education and basic clothing in life. Wants are the extra things that might come in the way, for instance, you can do without going to the movies and can wear something basic and still spend a good life. You can teach them and to make sure that they remember everything you can make up a quiz for them on items in your home and ask them to classify them into each category. This will make things easy on a lot of levels for you and the kids. Also, it will let you move further with your teaching.
Allow Them To Explore Ways To Earn Their Own Money
Many parents use paying allowances to their kids but this might not be too helpful for them to save money. If you want kids to become savers, you should allow them to earn and save money. This can provide them with ample opportunity to learn ways to save money, identify things that they should spend on and use the money to make more money by investing it. One of the best things to do is to offer allowances for chores. This will help them to learn the value of earning money by doing a job or some hard work.
Teach Them To Set Some Savings Goals
For kids or teenagers learning to save money asking questions and explaining reasons why they should save, things might seem pointless. It is a good idea to allow them to ask questions so that they may stay motivated. If they are familiar with ways to save money, you can help them by breaking down their saving goals and milestones into manageable bites. This will not only teach them to save money but will also teach them to be patient and save if they need something. For instance, if your kids are supposed to buy a $100 skateboard, they can do this $20 for a week until they can make up for the entire amount of the skateboard.
Provide Them With A Place to Keep Their Savings
When your kids have a goal in their mind, they must be needing a place where they can store their cash. Also, when you are making an effort, you need to keep a check on the money you have saved, so get your kids a separate place to save money. If your kids are young, they might need a piggy bank and if they are older, it is a good idea to help them set up their bank account in a bank.
Also, having a kid-friendly debit card will be very helpful as well. There are so many banks that can help kids and other minors have debit cards and other instruments to save money, make purchases, keep a check of their accounts and even have their own financial records as well. This can help them
Help Them Keep A Track Of the Money They Have Spent
When you are done with making a change in your life, you might want to evaluate that change as well to make sure that the change stays for a long time if it works for you. Teach the same thing to your kids as well.
For instance, when you teach your kids that saving $30 a month is a good move then help them make experiments and changes in different ways as well. For instance, you can ask them to save $20 a week if there is a trip coming up. This can help them have a different combination to save money as well. There are so many apps that can help you track your savings, track changes that you make to your savings and so on.
Offer Incentives For The Money Saved
One of the best ways to cultivate a habit of savings for your kids is to tie an incentive to every money they save. For instance, if your kids reach a certain amount at the end of the week, take them somewhere where they can enjoy themselves for a while and try to save even more with you. This will also help your kid you get a reward as a small allowance when they save money. This will help them have a savings account of their own.
There is No Harm If They Make Mistakes
There is always a margin of error when you are teaching or motivating a kid to save money. This can be applied to almost anybody who is in the learning process. Make sure that you do not scold them for their mistakes but try to help them learn from their mistakes and make sure that they are always motivated. This will not only help them learn to save today but also in the future when they have to make bigger decisions in life.
Conclusion
In the end, one can say that it is an awesome family that works towards a common goal and helps each other to achieve financial stability. For many kids and parents doing so can be something new but it has some amazing results. Kids who learn to save money at an early age can achieve their goals in the long run and make their parents proud by starting their own businesses, fulfilling their dreams, becoming young achievers and entrepreneurs like Mark Zuckerberg and so on.
