How to Make Your Kid a Money Genius?

Teach your little ones about how to best manage their money. This will set them ahead in their life. So let’s put that wish into reality for your little bundles of joy and help them learn about money management and savings. In today’s ever-changing world, the value and need of money have increased manifold. It becomes imperative to teach your little ones about how to best manage their money. This will set them ahead in their life.

Think about this. Don’t you wish you would have known about managing your finances better when you were young? I’m sure the answer will be YES!

So let’s put that wish into reality for your little bundles of joy and help them learn about money management and savings.

1. Buy them a piggy bank

To encourage your kids for saving, gift them a piggy bank. It is also the easiest way teach them money lessons. You can choose from several vibrant and attractive options of electronic piggy banks available in the market. Next to make saving interesting, remind them their favorite toy from the market and ask them to fill their piggy bank to the brim so that they are able to buy that toy with their own saved money. This indirectly will not only make them happy for buying something new from their own saving, but will encourage them to save in the future as well.

2. Open a savings account

Once your little one has formed a habit of putting his money in the piggy bank, you can also suggest him to deposit his saved amount in a bank account. You can open a minor saving account for them. Let the kid decide that how much he wants to put in the bank and how much he’d like to spend to buy toys and games. All this will give him the idea of how to plan his finances and create a budget.

3. Use clear saving jars

When your kid sets up his eyes on the most trending remote control transformer in the market and wants it immediately, just tell him that they will have to save up to buy it. Reuse some clear jars and label this jar with the name of the toy your little one desires. Give them some money on a daily or weekly basis to help them have more patience and sustain their habit of saving. In this way, you can use various jars for different things and create a visual reminder to save up!

4. Encourage with a timeline

Your little one can easily get diverted from his savings goal and hence it is important to remind him about it from time to time. One of the best ways to do so is creating a timeline. Take a pen and sheet. Draw a goal chart. Mark checkpoints for 25%, 50%, 75% and 100% of their savings goal amount. Whenever they reach a checkpoint, reward them for their small victory. You can give them a chocolate or a bonus amount to help them reach the next checkpoint even faster.

5. Let them do the calculation

Encourage your little one to pay at some places all by themselves. For example, when they buy their toys. Let them pay the bill. This will help them to take appropriate financial decisions while shopping. They will learn the value of money and how important is money for buying their favorite things. They will also learn to make better buying decisions.

It seems like a lot of work to teach your kids about money spending and savings. But, you can make this task a simple and fun by using the above tips.




By: Avijit Sekhon

All this girl wants in the world is a good company and a good laugh! Writing is both her passion and profession. From crunching tech news into simple words to writing toy shopping articles for the general audience, she has a versatile portfolio to her name. Currently, she is busy writing for an online store, Toycart.com

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Article Tags: electronic piggy banks , remote control transformer , piggy bank for kids

Submitted On Jul 11, 2017. Viewed 132 times.

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