Your child doesn’t have to be in school just to be taught about being a wise spender and a wiser saver. You can begin at the comforts of your own home. Here are some tips you can follow:
Set up an online account for your child.
So you don’t end up going into the bank all the time to update your child’s account, you can set up an online version. This way, you can transfer funds anytime you’re at your home. You can sit down with your child when you’re doing this. Why? This is so he or she will also be conscious of his or her own investments. If he or she finds it smaller, you can discuss with your child the best ways to increase his supposed earnings.
There are several banks that already allow you to set up an online children savings account. You can compare them based on level of convenience, accessibility, and other extra features.
Reward your child.
Some parents would give away stars and toys whenever their kids have done something right. You can also consider these gifts—and perhaps something more. How about providing them with coins or small bills, which they can place inside their piggybanks? You can tell them the money is all theirs and can be spent any way they want to at a certain time, such as Christmas.
You can even take this one notch higher by opting for a points system. The amount they receive will be based on the degree of their accomplishment. For example, you may provide them with 50 cents if they fix their bed on their own the entire week and a dollar if they ace tests in school.
Avoid scattering your money anywhere.
You’re sending the kids a wrong signal about saving and spending wisely if you yourself are careless when it comes to handling them. If you’re prone to misplacing them or you’re too lazy to put bills and coins in the pocket, you can look for small containers in different parts of the house. You can gather up the coins and bills at the end of the week.