The day comes when a relative, usually one of their grandparents or maybe another relative, gives a coin to the children. This is when the child must decide if he wants to buy something or not. It is then also the time for us to introduce children to the different options they can have with a coin, one of them being saving it. Teach children to save is an interesting learning to do from a young age. Learning the value of money is necessary.
They are good life habits and it is key to their personal development that children know the basic concepts such as budgeting, spending and saving, as long as it is from their language and making it interesting and entertaining for them.
Where does the money come from?
In the first place, it is necessary that they understand where the money comes from and that they know that the money, if it is used, is spent and is not recovered. Explain to them that money flows from one person to another, and if we have it, it is because either we have earned it or it has been given to us.
The fact that they understand that if the money is saved, it will produce benefits is a complex matter for them to understand. There are some interesting games, where they will be able to understand more clearly that money is not only used to consume, but also to pay for amenities or fees, taxes, rent, etc.
The Monopoly game is an example of this type of game that is really interesting for them to understand money transactions. We have it in a junior version for the little ones.
Teach how to save through piggy banks
This idea is just the one that should be extrapolated to real life for the little ones. This element is present in all homes and we can teach how to save in the following way:
The first thing will be to set a goal, or more than one, if you know what you want to save for. Later a period of time to achieve that goal and now see how much you have in your piggy bank. They should know that if they take money out of their piggy bank, they will no longer achieve their goal on the previous date, in the same way that if they receive an “extra” they will be able to acquire it in a shorter period of time.
The piggy bank is a very practical and interesting element that will make saving stimulating, fun and exciting. It’s a great way for them to understand the concept.
There are fun and original piggy banks, which also count money or are shaped like an ATM, simulating the one used by mom or dad.
Some have music or move when you insert the money. Others are of their favorite characters and have lights. They will love it!
Teaching children to save is a teaching that can be done from a young age and is necessary for their personal development, it will be a teaching that will undoubtedly benefit their future.