Teaching Children how to save Money
It is never too early to start teaching children to save, even at the tender age of eighteen months these days toddlers know what money is. By the age of two with your help they can buy an article and have even learned what the coins are.
Golden coins in New Zealand are $1 and $2's while the silver coins are twenty and fifty cents, the only copper one is 10 cents,
My under five-year-old great-grand-children can tell you exactly what each coin is and what they can buy with a gold coin in the dollar shop.
Before they start school you can have them saving their own dollars.
Did your kids received money this Christmas, if so, what did they do with it?
Climbing Piggy Shows Growth, Investment and Earnings
Schools do not teach them the skills these days to learn the value of money as they did back in the 1970s when my children were going to school.
In New Zealand the Post Office had a weekly banking where children learnt to fill out a form and bank money every week, watching the amount mount up weekly, they would get paid interest at the end of the financial year on their savings.
I remember mine would come home from school all excited how much money they had in they Post Office account sometimes they would just sit there looking at this all-important bank book, I used to wonder what was going through their minds.
This saving habit was only done at primary school, once they went to high school it was transferred to a bank account which they open themselves had a talk with the bank clerk which made them feel very important and started them on their career of work and saving a little every week of their earnings, they would bring their bank account to me to see, so proud of it and I was very proud of them.
By the time they were ready to set up their own home they had already set up a good relationship with their bank which continued on through their life, but all children are not as lucky as this to know the value of saving and setting goals for their future.
Now in the twenty-first century there is not enough encouragement for children to save, they receive a few dollar, run to the nearest store and spend it no idea about saving, I see it around me all the time, so much money wasted on sweets or just plain junk.
Ways to Help Children Save Money
Buy a money saving box, there are so many nice money boxes to pick from whether it's a boy, girl or older person.
I know even though I don't need a money box to save money I really enjoyed this little piggy I received for my seventh birthday at a family get-to-gather.
It made me feel so good, as I watch my family, add a few coins in it, watch by the grandchildren and great-grandchildren and even now some four years later when they visit they ask me how much money I have saved?
I do add some occasionally.
This little pig will be hanging around to the end of my life and my family can open it as it has to be broken to get the money.
I'm sure they will never forget that day, on my seventh birthday.
Maybe it would be an idea for your child's fifth birthday, buy then a money box and start them on their way of saving, add some money every year on their birthday.
Children have lost the way to save these days as EFTPOS and Credit Cards have taken over the money scene. (just to clarify what an EFTPOS card is in Australia and New Zealand it is an electronic fund transfer at point of sale).
All children ever see these days is a card that is added to a machine and out comes money the young never ever see coins, only paper money if they are lucky.
I know I have seen very young children on their way home from school rush into a shop pick up something from the shelf, walk over to the counter pull out a card and pay for it, I think to myself how can one so young be able to have money and spend it so readily also do they save some or spend it all?
You don't need money in the hand to buy on the internet, as long as you have money in the bank to pay your weekly bills and you do it on the computer, or other electronic gadgets the children never see coins if they never see real money how can they feel important by saving for their future, I do not believe they really know the value of money by an electronic card.
So how are they ever going to learn?
It is up to us as parents to show and teach them to save, set goals and most of all learn the value of money, as a little saved today helps to buy their future assets, home and family.
A family with no idea how to save is a family lost.
It really amazes me as an elderly person how the younger generation has no idea how to save and what money is, they seem to think (that it grows on trees) and spend it like there's no tomorrow.
Ideas for Children saving
Children and Money
Do your Children have Money or a Cash Card when Shopping?
© 2014 Elsie Hagley