We want our kids to do best in whichever field they will decide but along with academic excellence, we have to teach our kids life skills as well and one of the basic life skills is SAVING! I remember as a kid how exciting it was to save every single penny which dad would leave on the table for us to collect and save them. As a reward to save, we would get some bonus money to add to our savings and as a child, it has encouraged me with a sense of accomplishment that I earned something.
I feel experience is the best teacher for anyone to learn the important chapters of our life. Last few months have been quite TOUGH for us which made me think and write about the importance of savings. Can you imagine surviving without a job for 6 months in a foreign land with 2 kids, no income, loans, bills, medical and school fees to pay?
We just went through this phase and trust me it was not an easy time for us as a family both mentally and emotionally. At the same time finding our best way not to affect kids and most importantly their studies at any cost. Every single day was like a D-day for us to decide what is our plan B in this scenario! We are so glad to have such a wonderfully strong family who stood together to overcome this tough time especially our little kids! Thankful to our parents for teaching us the value of money and most importantly- SAVING!
Now as a parent myself, I feel how important it is to start early with kids so that habit of savings comes naturally to them than we forcing them to save every now and then.We have been following the simple rules to learn how we can save!
1.Make saving a hobby
A few years back, we took it as a hobby to make the concept of saving interesting to Aayan and at the same time we want him to learn using the money before he will start his primary. It started with savings different currency coins which were left after our vacations and slowly that hobby of collecting the different currencies turned into the habit of saving coins in his piggy bank.
2. Be a role model
You can’t expect your kids to learn something which you have never followed! There are many important lessons which we want to teach our kids since the young age and effectively managing the money is one of them. Tell them the reality and importance of savings money for the hard time and how they can be financially secure. Kids do watch our actions and see how parents are setting an example at home.
Recently, I had a conversation with Aayan regarding some classes he needed for his studies. I said, ” Aayan it is very important to start your classes soon.”
He said, “Well! Something is more important than it, Mumma.”
I asked him,”What is it more important than your studies?”
He replied,”Papa getting a job”
I was touched by his words..
Kids are never too young to understand and feel what is happening around.
3. Do involve your kids in money matters
As a parent, we have to learn to say “No” at times whether you can afford or not. Saving doesn’t mean to refrain yourself from the things on your wishlist but to make sure that spending wisely will help you in the long run. Buying everything on the shelf won’t make a good parent and not buying makes you a bad one. Help them to know that we will buy this for a special occasion or a treat sometime later.
5. Open a bank account
These days it is easier for kids to have a kids bank account with coin deposit facilities, so we open one for our kids. It is so much fun for them to go and deposit the coins and add to their savings. Though it is a little step but will help them forever.
Do you have any such experiences or story to share with us which has helped your kids to learn? I would love to hear from you. Share with us on the blog.
**This post is in collaboration with Friso.
“Kids learn from experiences whether big or small, good or bad. That’s why Friso provides the right nutrition for your child to be strong inside to take on challenges.”