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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
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
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.