Are you a spender or a saver? Which ever you are most likely is what your child would be,this is because children tend to learn quickly from what they see their parents doing. There is nothing wrong in spending money afterall that is the purpose of money but you need to watch it when you habitually spend excessively and lavishly,your child is watching you!
Teach your child the way in which he should go and when he grows up he will not depart from it! Now is the time to teach your kids the importance of saving for the future. Your kids are watching and can easily learn from your spending habit,if they notice that mom and dad are not spontaneous buyers and budget for their spending, they quickly learn that money should not be spent lavishly.
Let your kids know that there is always a rainy day when money saved would be very needful and if you spend all you’ve got what happens during such period. Tell your child it is always good to save every penny and you as a parent can help out by getting a piggy Bank for your child. Teach your child/children to put any money given to them by family and friends in the piggy Bank,then have an agreed date when the money in the piggy Bank would be brought out to buy any needed item for him or her. Depending on the amount saved,you can agree with your child to use the money to buy his or her school bag, lunch box or school shoe. Doing this will help your child know you can save and use the money for something useful in the future.
The earlier you start teaching your child about savings the better it is as it is easier to learn as a child than as an adult.
You must teach your child early in life the importance of saving,you can open a bank account for your child to save the little money he or she get from friends,uncles and aunts ,good enough most banks have accounts specially for kids. You can open a #GTB Smart Kids Save (#SKS) for your child or you can get a piggy bank at home for your child,so when friends and family members give him or her money you encourage your child to put it in the piggy bank .
Discuss with your child the benefits of saving and how it can even be more beneficial saving as an adult as it helps out during the rainy days. The earlier Your Child learns to save the better for you.