(Not so) Secrets into teaching your kids on how to save money

How good would it be if you kids grew up to know the value of money, and developing good spending habits? Nowadays, cost of living, and the basic necessities are much more expensive than they used to be. The expenses of looking after your kids, your family and buying all the basic necessities cost a lot of money. Therefore, in order to reduce the costs of living, you should start by teaching your kids the value of money and that saving is the best solution. But how do you teach your kids to know the value of money? Here are the 5 tips:

1. Save before spend.

This is the first and easiest rule. You have to set aside some money before spending, this way, you will know how much money you have left to spend, after saving. For example, you are given 100 baht per day, you save 20 baht and the rest is for spending. For those who have a spending goal, like a pair of shoes that cost 1,000 baht, if you receive 200 baht per week, saving 25 baht per week, you will be able to afford that pair of shoes within a year. By saving and waiting, this will teach your kids the value money and also will teach them a good spending habit.

2. Only buying the necessities.

As a parent, you have to remember that buying everything they ask for will develop the extravagant spending habits that your kids will carry into the future. Therefore, before buying them something, ask them how much they need it, how well they are going to look after it – not throwing them away after 2-3 days, this will also create a bad habit. We suggest that parents can buy these gifts for them as a reward for when they’ve done something good and rewarding like getting good grades at school. This will make your kids feel proud, and they will have the motivation to do good deeds.

3. Don’t buy something just because there’s a free gift.

As a parent, you have to teach your kids to only thinking about the big picture, like buying an actual thing, because some people buy things just because it comes with the free gift, and throw away the goods they bought. You should train your kids to think that these are wasteful spending habits and that they should save up money to buy bigger things.

4. Make list of incomes and expenses

Teach your kids to do list of their incomes and expenses so that they know what sort of things they spent their money on, like food, snacks, toys or even gaming. When they do not have enough money to spend, they will know where most of their money has gone to and see if that can be reduced in order to pay for the necessities. Instead of giving them more money, teach your kids to manage their money well.

5. Open a savings account.

The last secret in saving money, is the most serious one yet, as it is opening a savings account for your kids. This method will be the most sensible choice as you will earn interest when depositing money, similar to the endowment insurance. If you are saving money consistently, no matter how urgent it gets, you will always have money for an emergency in the future.

No matter which method you choose to save money, if you are consistent, and have discipline then you will reach your saving goal and will always have money when you’re in need.

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