It’s important to teach your child the importance of saving money at a young age. Children should understand the value behind saving, ways to grow money and smart choices for spending. These are all essential lessons that could potentially help to shape a child’s financial future.
Sometimes it’s hard for a child to distinguish between need and want, especially when they’ve had their eye on something or the go-to ‘but everyone has it’. But, you can encourage them by promoting good savings habits!
Make saving a fun learning activity for your family by getting a piggy bank or playing games – just be sure to keep this a fun and positive experience! Once your child has started saving, begin communication to them about opening a savings account. This will help them to put money aside for a rainy day.
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