Money

P: Kids don’t come into this world knowing how to save money. You have to teach them that. If you’re not good at it, get good at it. Saving money doesn’t mean you must have a finance degree. It just means you have to have a firm idea of goals and personal values things you are most passionate about in life.

Y: When you understand your own personal values and goals in life, and you understand why they’re important to you, you can help your kids figure out what their personal values and goals are in life. This, in turn, will help you teach your children about the importance of saving money so that they can achieve their long-range values and lifetime goals.

op tips for teaching children good money skills

P:Most people learn more about money skills from their parents than from any other source. So, your kids will be learning about money from watching and listening to you.

Y: It is a good idea to encourage children to save from an early age so if they are making their communion and get money from parents and family, it is a great time to start.

1. Open a savings account

One of the best ways to help children learn about money management is to encourage them to open a savings account. Banks, credit unions and the Post Office offer kids’ savings accounts. If the account has online access, you can show your child at any time how their savings are growing, as they save a little each month.

2. Set them a savings goal

It is important that children understand why they are saving, so sit down with them and decide on a savings goal. You can set them short-term goals, for example, if they have a particular hobby and want to save up some money to buy some new equipment for it. A longer-term goal would be saving money for summer holidays or for buying Christmas presents.

3.Teach them how to budget

Budgeting is one of the first challenges many young adults are faced with when they leave home. So, it is important to teach young children about how and why to budget. You could use an occasion such as shopping for Christmas presents.

4.Teach them that money does not grow on trees

It is important that children have an understanding about the value of money. You can help them achieve this by giving them pocket money when they help around the house. It is also important that they understand that they may need to make choices when they spend their money.

5.Keep it fun

Many financial institutions offer novel and entertaining characters to help kids learn about money. They may also offer useful online resources which can help to make savings fun and interesting for the kids. Ask at your local branch to see what additional resources they may have.

6.Encourage them to keep up the habit

Once your kids open a savings account encourage them to save some of their

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