6 Tips to Teach Kids to Save Money
4. Differentiate
Make them realize the difference between needs and wants. We feel like we need everything but in reality most of them are just what we want and not what we need. If explained properly, kids can be wise in spending money.
5. Keep targets
Targets are always a good option to get the inspiration to start something. Excite kids by keeping targets. Something like, if you save this much a month, I shall buy you this. Targets and gifts are an easy way to lure kids.
6. Open a bank account
Owning an account is like a big thing for kids. Open a kids account for them and show them the benefits of saving and how interest works. Explain to them how they can add on to their savings by interest in a bank.
As Warren Buffet puts it, “Don`t save the money remaining after you spend. Spend the money remaining after you save.”
