Since we are pushing our kids and our next generation to
save, might as well develop close to a 52 week’s money challenge for them. And
yes even the little ones can be able to do this provided with the support of
their dear parents. The only difference with regards to the kids is to only
lessen the amount. You can try with 1 peso a week and increment it with another
1 peso every week. By the end of the challenge, your kid would be able to save
up 1,378. Not a huge amount though but nonetheless it is a good starting point
for them to save.
In order to instill the value of savings to your kids, here
are a few tips:
Talk With Them
It is very important to let the kids know the importance of
savings. Though we have that notion that they might not seem to understand but
they can be able to grasp the concept of it. Thus, give time to explain to them
why they should do such. Make sure you talk about it in a positive way.
Let Them Do It
When your kids are doing the challenge, make sure that they
would be the one putting the money on a weekly basis. Never do the savings for
them. The least you can do is giving them the money but let them put it in the
challenge jar or in the piggy bank.
Let Them Earn It
Do not spoil your kid too much by just giving them money.
Make sure they also earn it as well. Give them household chores to do. When
they are done, give them a little money that they can deposit for the
challenge. As early as their age, they need to realize that money doesn’t grow
from trees. It requires hard work in order to have it.
Reward Them
Kids need positive reinforcement from time to time. That is
why, if they were able to religiously deposit for four weeks straight and
comply with the challenge, reward them to a movie or something they would love
to do. Give them a bigger one when they finish the challenge.
It is our responsibility to instill money discipline to our
kids. As such it is imperative that even at a very young age, we engage them
with this activity. So that when they grow, they would be able to develop that
habit of savings and they would thank you for it.
P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 17 already! Did you deposit the next amount yet?
P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.