Future Millionaires 4 ways Ghanaian parents can teach their kids how to save

Make savings fun for your children

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Handsome boy saving money in piggy bank (Photo credit -family education) play

Handsome boy saving money in piggy bank (Photo credit -family education)

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Most children learn by repetition and observation. Experts advise parents to teach their children to save as soon as they can count and read. Cultivating the habit of saving and budgeting at the younger age prevents them from borrowing, overspending and impulse buying.

Communicate with children, as they grow, about your values concerning money and how to save it, make it grow, and most importantly how to spend it wisely.

Just as we receive salaries and bonuses monthly for our hard work, give your children allowances for their good deeds.

An allowance is an effective means of teaching an important relationship between money and effort.

Every parent must endeavor to teach their children the difference between needs, wants and wishes. This will prepare them for making good spending decisions in the future.

READ ALSO: 8 secrets to entrepreneurial success

Start with Piggy Bank

For starters, the piggy bank is the easiest and safest way to save money. It is a great way to introduce your kids to savings at a tender age when they can count and read.

Advice your children to fill up the piggy bank with notes and coins from their allowance and cash gifts from family friends and relatives until there is no room. 

Tell them the piggy bank is for saving money for the future and that the more they save, the more their money will grow. They can use the money to buy educational gadgets for to enhance their learning at home.

READ ALSO: 5 key habits to help you save money in your 20s

Use saving jars

Even children have their needs and want. If your child wants to get new toy or game, use this opportunity to teach them how to save for their wants. Help your child draw a picture of what he or she wants with the amount needed bolding written on it and paste on the jar.

Give him or her cash rewards for deeds executed to fill up their jar. Encourage them to spend wisely and save money for sweets and cookies to purchase their dream toys.

READ ALSO: 6 stressful things that are preventing Ghanaians from being truly successful

Open a bank account

Once the piggy bank, open the container and count the money with your child to know how much he or she was able to amass for the period.

Secondly, take your child to the bank to open up a savings account for them.  Once your child is involved in the process, he or she will be motivated to continue saving and it will eventually become a healthy habit.

Most importantly, let your children understand that their money will grow over time as long as they don’t touch it.

READ ALSO:  3 side jobs that will earn you more money than your monthly salary

Lead by example

Parent must practice what they preach. Children learn by example, so the best way to teach your child about saving money is to save money yourself.  Keep your own piggy bank or jar close to his or hers and deposit some notes every day after work. Teach your children how to discern between various prices and choose quality products always.

Reiterate the message that every time you get paid, you save a portion of your check to help prepare for the future.

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