Teach Your Child About Savings
Among the many things you will teach your little one, financial learning and awareness is one of the most important, that would help him not just now but in the long run as well. It may seem rather early to you, to begin on this serious topic already. But making your child aware of the concept of money, expenditure, and savings, is best started early.
First, sit down with your kid and explain the entire concept of money and how earning, spending, and saving work. Answer all your kid’s questions patiently and in the simplest way possible. Show him coins and notes, pointing out the denominations on each.
Open a savings account for your kid and make him aware of the same. Tell him to save money for his account and help him in depositing some money on a monthly basis. This way he will be more interested in growing his money. Tell him that he can use it when it reaches at a certain amount. This will provide him with a further incentive to save more.