As parents it is very vital to inculcate certain values in your child so that when he grows up he wont depart from it. One of such values is saving.
Children should be taught early enough the importance of saving and how this can be helpful in the future.
Some adults do not have savings today because as a child they never imbibed the culture of savings instead they would rather spend all the money given to them by uncles and aunts on mudane things.
To help your child learn how to save, you can start by getting a piggy bank and let him put the money given to him inside it. You both can then decide on what the child would like to purchase with the money so he can save more towards it.
You can also open a kid account at the bank for the child. Go to the bank along with your child and let him see the process of opening an account and putting money into the account. You let him know that he can always put his money in the bank and only take it out if a need arises. This helps the child early enough to realize the need to save up.
This doesn’t mean your child can’t buy stuffs or you won’t spend on your child but don’t teach him to spend each cent he gets. When you indulge him and let him spend on every unnecessary items, he would grow up spending without saving for the raining days.