How would you induce the idea of saving in your children?

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lupe.dorsewe

Joined: 03 Oct 2009
lupedorsewe's page
Posts: 1

28 Magic Points

Subject: How would you induce the idea of saving in your children?

Sat Oct 03, 2009 5:22 am

How would you induce the idea of saving in your children?

Consumerism has dug a great hole in our pockets. We can’t help spending on the lovely items in the shopping malls. There’s no doubt that we encourage spending habits in our children. We’d like you to share your opinion on how to develop saving habits in children.

Help me

sunnyca

Joined: 10 Sep 2009
sunnyca's page
Posts: 148

954 Magic Points

Sat Oct 03, 2009 5:24 am

I think pocket money is a good idea

Give them somemoney and make them to buyt hier stuff with that money

When they ask you to buy somehting, ask them to use thier money

Watch and see how they will react

This is a good start

Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 1240

28942 Magic Points

Sat Oct 03, 2009 7:02 am

Hi Lupe,

You can start by introducing the concepts of spending versus saving. While giving them allowances, give denominations through which they can save some amount. For instance, if you are giving them $10, give them 10 1 dollar bills. In this way they can save some money and understand the concept of saving. In fact, you can introduce your children to credit unions or banks and make them open savings accounts. Whenever possible, take your children out to shop. It is a nice way to make them understand the value of money.
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All the Best Smile

Justin

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