With today's economy downturn and rising prices on daily necessities, one of the important things ever is to teach our kids frugality from an early age.
I’ve been training my kids, aged 8 and 11, the value of money, saving, budgeting and spending wisely. I feel that as a parent I need to instil habits like these in the hopes that they’d grow up to be financially independent.
It's my usual practice to give them allowances on a daily basis. This way, they’ll learn how to budget and spend within their means. I believe the earlier you start exposing your children to basic money management, the better they’ll be able to absorb the concepts and value of money as they grow older.
I've provided each of the kids a piggy bank to fill up. Infact, these piggy banks have been around since they were babies. They are actually free gifts when hubby and I opened a savings account.
I have also opened a savings account for both my kids and show them their interest earned each half year with the few hundred ringgits they now have in their bank accounts. When the piggy banks are fully loaded, I transferred their money in their bank accounts, so they can watch the interest multiply. I've to admit that it’s not easy for me to teach my kids to save, as I am not a good role model in this regard, which is something that I'm not proud of. Ultimately, when I encouraged my kids to save, it gives me the motivation to save as well.
Ban Hin Lee piggy bank - wow! You must have them for a long time.
ReplyDeleteI try to instill savings habit to my son too.
times are really hard, been teaching my kids to save money too and yes, you're right it's not easy.
ReplyDeletecheers
lina,
ReplyDeleteoh yes, i still have a few collections of other BHL bank piggy banks.
lina,
ReplyDeleteliza,
encouraging kids to save and budget their money can be very fun and rewarding. If they see your principles to provide a better future for them, they will appreciate you for it.
Hi, first time commenting. It's a good thing what you are doing. Teaching kids money management skills is surely one of the most important and useful skill they will need later in life. I'm just surprised they don't teach such things in school!
ReplyDeletefoongpc,
ReplyDeleteyeah, schools do not even come close to teaching our children on how to manage money. money really matters as it will make a difference in our lifestyle, so no amount is too small when it comes to saving.
Hmm, during school time my daddy give me one week pocket money at Sunday, and i have to plan on how to spend the pocket money, so that i do not suffer for hungry during end of the week due to no pocket money. Maybe can try this weekly basis pocket money?
ReplyDeletechin weng,
ReplyDeleteoh yes, i've tried giving them allowances on weekly basis. unfortunately, my son misplaced all the pocket money on the 2nd day. lol! so it's not practical to give them on weekly basis anymore.
this is good info for parents and kids
ReplyDeletecarnation,
ReplyDeleteas parents, we need to set good examples to our kids.