Monday, May 25, 2009

Cultivating savings habit in children

Let's just face, it's a materialistic world. Everyday also no money no talk. If we dont teach our children what money is, and it works, chances are, they'll end up knowing how to spend it only. My kids may be small, but it's also a good time to start teaching them how to save money. I bought them a plastic money man-man (piggy bank) the other day. They are supposed to put all the coins they find around the house into it. We do have a lot around the house, lol.

I like this piggy bank very much as it's transparent. My kids can see the money dropping into it. When it's full, i'll take them to the bank and bank it into their savings account. I know it's not much, but little by little, the money they set aside now will earn them interest. When they are bigger, i can show them more ways they can invest with it in order to make it grow more. Right now, it's better to teach them to save first.

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