Informasi Umum

5 Ways to Teach Children to Save Early and the Benefits

Admin BFI
22 August 2022
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5 Ways to Teach Children to Save Early and the Benefits

Do you still remember the adage "saving is rich" which has been taught for a long time to remind all of us of the importance of saving? In addition to having long-term and not wasteful savings, saving also trains someone to be wise and responsible for the money they have.

Not only adults, but children also need to be introduced to the concept of money from an early age. Parents can educate their children to be more independent and frugal by saving. Here's how to teach children to save from an early age.

 

How to Teach Children to Save Early

Here are ways that you can apply to teach your children to save from an early age and become a good habit for their future.

1. Provide an explanation of money and the benefits of saving

You as a parent can provide an easy explanation and understanding of money. Starting from the kind of money, the amount, and the benefits of money.

You can explain that money is something important, but not the most important thing in life. You can explain to your child that the money is used to buy daily necessities and other expenses. So, children can appreciate money to be used as needed so that it doesn't run out quickly.

2. Involve Children in Spending Money

The next thing is to involve the child when spending money. For example, you can take your children shopping to let them know that money can be a medium of payment in their daily lives.

3. Buying a child a piggy bank 

In addition, you can also buy a piggy bank as a medium or a place for children to set aside money. By teaching the concept of money and buying a piggy bank, children can be motivated to save. Buy a piggy bank with a cute motif so that your child will be more active in saving.

4. Set a Good Example

The next thing is to set a good example for children. Be sure to show your child how you put money aside, deposit cash, or buy things wisely so that your child gets used to it and understands how to use money.

5. Do not immediately give what the child asks for

Give understanding to your child that everything we can not get instantly. Everything is obtained from hard work, patience, and fighting spirit.

One of them is when the child wants something. Take the example of a toy, when your child asks for it you can guide your child to save consistently until the toy he can have.

That way, slowly the child will understand how important it is to save and achieve something diligently and patiently.

The Benefits of Teaching Children to Save Early

Teaching children to save as early as possible is not only good for building positive habits but also has a number of benefits as below.1. Children Will Learn To Value Money

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1. Children Will Learn To Value Money

By teaching children to save, children will be able to appreciate the money they have. You can teach it by giving an understanding that making money is not easy, it takes hard work and patience.

Gradually as children get used to saving, they will be wiser to spend their money. They will not use it for something less important or just a momentary desire.

2. Teach Discipline

Teaching children to save as early as possible can train discipline in children. One way is to remind children to regularly set aside some of their pocket money for savings.

If this is done continuously or consistently, children will be trained to be disciplined in doing things as well as being consistent in saving.

3. Learn to Live Frugally

The habit of saving since childhood can train children to learn to live frugally. This stems from the habit of setting aside some of the money that is owned not to be spent directly and refraining from buying something that is less useful.

Later, when children grow up they are accustomed to using enough money and not wasting the money they have for temporary pleasure or in other words consumptive.

4. Independent and Responsible

Saving from an early age can train children's ability to be responsible and become independent individuals. This is in line with the first benefit, namely learning to value money.

For example, when they want something, they will try to save and be patient until there are enough savings to buy what they want.

5. Able to Manage Finances Well

Managing finances well is one of the important skills that every individual must master. Because, if we are able to manage our finances well, we will also be able to save ourselves for the present and the future.

That is why instilling the habit of saving from an early age in children is something that you must consider for the good of the baby in the future.

6. Understand the Importance of an Emergency Fund

Teaching children to save early can also help them understand the importance of an emergency fund. The trick is to give children an understanding that in the future many unexpected things can happen at any time.

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Sobat BFI, that's the explanation of how to teach children to save from an early age in the style of BFI Finance. Hopefully, it would be useful for you and your beloved children!

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