Teach your child the value of saving
Teach your children the true value of saving - Financial education from an early age
Teaching your child the value of saving money can be just as valuable as teaching them to read and write. Managing finances is a valuable asset to anyone and even better if taught to children from a young age.
By helping your child understand the value of saving money you will have sown the seed to create a sensible attitude and appreciation for money.
The Tesco Child Trust Fund
So here are some tips to help you and your child steer in the right direction:
- Establish an allowance. Make sure that you as well as your child sticks to it.
- Buy them a piggy bank; after all it is one of the most recognisable symbols for saving and by learning how to use it, a bank account later in life will be a lot easier to manage.
- When they are comfortable with a piggy bank open them a savings account and make sure they manage their funds correctly.
- Monitor what they spend money on and try to discourage wasting money. Be very careful not to overreact to mistakes they will make, but rather than allowing them to fear money, it would be better if they respect it.
- Talk about their long term education early and make sure they understand it takes hard work to afford higher education, when they will have to stand on their own two feet and be financially responsible and independent.
- These tips should help you teach your child the value of saving, just another way that we try to help. Every little helps.
