In order to establish financial reserves for the future, having the habit of saving is very important. With savings you can allow for economic self-sufficiency to create capital, and little as it may be, this may help cover future financial commitments.
The younger, the better, when saving. If we are willing to teach this habit to our children, the ideal would be when they begin asking: “Can I have this, or that?” If your children are already in middle school the answers may vary, but MEXLend invites you to check out some good answers for children of all ages:
• Preschool:
There are some good lessons rolled into healthy saving habits, including comprehending the difference between necessities (which should already be satisfied in the first place) and wants. Explain to them that you and your family need things like food, clothing, a house to live in, and transportation to work. When you go shopping, show them which things are needs and which items are wants.
• Primary:
A common method for kids to begin the habit of saving is to utilize three containers marked with lables that say: “savings”, “expenses” and “giving”. This way, every time the child receives money he will know that he has to put a little in each bottle. Then when the child sees a toy that he wants, don’t give him an automatic “no”, make him look at the price and tell him you will use the money from his “expenses” bottle or, begin to fill the “savings” bottle until he has accomplished his goal.
• Middle and High School:
Once the adolescent reaches the second year of middle school and gets settled in, they can begin a part time job on the weekends, which will mean one of two things: more money for saving or more temptation to spend it. Help him to focus on attaining objectives instead of restricting their whims. For example, a very popular motive for saving at this age is to purchase a car. The ideal is to show him the numbers and how quickly he can get to his goal if he saves a specific amount each week.
Do you have any other methods of instilling the habit of saving and you want to share? Please leave us your comments below.
