Encouraging your children to save can be challenging, particularly if they are at a young age. However, with a few simple steps, you can begin to lay the foundations for valuable life lessons early on. In this article, we are going to be looking at ways that you can save whilst encouraging your children to save.
Have A Savings Jar
One of the best ways that you can save and encourage your children to save is to have a savings jar in the kitchen. By saving all your loose change, you can begin to save and change it up at the end of the year. Although this may not be a lot, this will encourage your children to save by making it fun! If you have a savings jar for you and your children, you can then encourage them to be just like mum and dad. Though you can apply now for short term loans if you find yourself low on funds, it is important to remember that it should only be used in a financial emergency as a last resort and by implementing saving techniques such as this, you can have the funds you need should you find yourself in this situation.
Teach Them the Importance of Money Early On
Whilst you are saving the pennies, you can also use this as a learning opportunity for your younger ones. By explaining to them that they have a budget, they are then taught the value of the items that they want. Though this is something to do when they begin school, this is a great way to encourage awareness as well as allowing them to see first-hand just how much their money will get them. It is important to be patient at this time as this can take a while to grasp but as they get older, this is a skill that they will carry with them.
Give Them Pocket Money
If you are on a tight budget yourself, why not encourage your children to save by giving them pocket money. By giving your child £5 a week, you can encourage them to save and give them the freedom to buy what they want. By setting the amount at a price you can afford, you are then giving the child independence without leaving yourself out pocket every month. This can then lessen the financial burden on you as parents as your child will have their own money to spend.
Talk About Money with Your Kids
When your kids are older, it may also be beneficial to talk to them about money and let them in on the financial problems that you are facing as a family. With only 44% of parents talking to their families about their current financial situation, this can help to boost understanding and encourage children to save spending money for one of the days out rather than waste the funds. By leading by example, you can have exactly what you can then teach them a valuable lesson whilst keeping yourself financially stable.
Whether you are looking to begin teaching your kids about money or you are a parent looking to save for a family holiday, these few tips can help you to achieve exactly that. Where will you start?