Money is an essential part of life. Money is needed to provide the basic needs of life such as shelter,food,clothing and much more. Lack of money leads to poverty and the only way to avoid this is learning how to make and manage money. There is a saying that money is like a spirit and stays with only those who knows how to keep it. The question is when should a child be taught how to manage or save money.
The holy book admonishes parents to train a child in the way he should go and when he grows old he will not depart from it. This training involves all values of life. Hence,you should train your child from infancy on financial management and wealth creation.
Most adults today are broke because they were not taught as a child the importance of saving money nor creating wealth rather they spend each and every cent they get. Most kids are used to spending unnecessarily when being given money by family members and friends. Rather than saving the money for their future needs they spend it on chocolate and sweets. Infact some parents drive the kids to the supermarket to spend the money on junks.
It is your duty to help your child learn from an early age the importance of saving and not spending recklessly, this also requires teaching your child self discipline in regards to money spending. When they receive money from uncles, aunts and friend what do you do as a parent? Do you leave the money with them? or do you tell them to save it ?
You should get a piggy bank for your child and ensure that you teach your child to save each time he receives money or you can open kids bank account which you can manage till your child 18 years. Ensure your child puts all money received in the piggy bank or you help him put it in his bank account.
When you help your child to start saving early in life it becomes less difficult as an adult but if you allow your child to spend each money he gets, I tell you that as an adult it will become challenging to save,which leads to lots of adults living in debts.
You and your child can decide that the savings will be used towards a particular purpose. For instance, you can agree that at the end of the year you will get out the money to buy football, school bag, school shoe or anything that your child needs.
Basically, you must imbibe the saving culture in your child at an early age which would be beneficial to him in life. When you have successfully imbibed the savings culture then you can proceed to wealth creation. Remember that wealth creation is what really leads to financial freedom not just saving money but the first step must be to learn to save first. After which you can then proceed to teach your child how to invest the money and double the money.