It is now not news that parents are very first and best teachers for children because they shape their life. Children are going to copy their parents in one way or another in anything or everything they do in their life, and financial stuffs are no exceptions. Therefore, saving for child will make them learn good lessons about money matters.
First step to start children learn about money, its importance in life, how to earn money, how to save it and how to spend responsibly is to engage them in interesting conversation about financing. It is necessary to involve kids in family’s economic discussion which may include budget, saving and investment.
Early teaching of money concepts will deeply root good practice of saving in a child for his/her life. Most educators advise to make kids learn about money as early as they start counting. Piggy banks are very good means to introduce small children about saving, while will be encouraged to spend wisely and save responsibly when a special bank account are opened on their name.
Quite a handful of resources are available from different banks and other institutions to help parents and kids learn about saving for child. Visiting such institutes and discussing about money matters are important factors to make children aware of how money works and what can be done with it.
One of the most effective ways to teach children is parents need to set an example when it is time to save for child. A case study among college and high school students show that whatever kids know about money is that they learn from their parents. So it is important for parents to do better financial management.
When parents start saving for child in order to provide them better future, wellness and higher education, the child would like to do the same. It is important to start early to be ready both for parents and the child.