Early Saving habit in Children – Preparing them for the future
A secure future and savings go hand in hand, as many experts would suggest. Building wealth and a financial foundation are essential for anyone to be independent in life, something we all learn with age and experience. Nearly all the communities of UAE believe in the benefits of saving and thanks to back to school offers and other valuable promotions, they are able to save a lot throughout the calendar year.
Do you want your child to manage money better? Then the concept of saving has to be clarified to him or her early and this blog will show you how:
A mini bank is one of the best ways to promote the culture of saving while offering them an easy way to do it as well. Not only will the child learn the importance of saving every day but learn more about setting goals, accomplishing targets and above all better management of money at an early age. You can easily get mini boxes with coin slots for your child from any hypermarket in Dubai.
Now, this is a very tactical or intelligent way to teach a child about the importance of saving. If they want you to buy them a new toy then let them know that they will have to save up. Use a Jar depending on the amount of money they have to save and give them money in small denominations so that they are constantly encouraged and they learn to keep an account of their savings themselves.
The size of the jar can vary depending on the target amount and this habit will reap long term benefits for sure. To encourage them, paste the image of the toy on the jar as that will motivate them further.
A BANK ACCOUNT
Once the mini bank/ Jar is full, the journey or the lesson does not end but it transcends to the next level. Teach your children about savings account and open one for them. This will give them a sense of pride and help them understand the idea of interest and banking altogether.
Having a regular conversation with your child and leading them by example is the way to teach your child about anything because, at the end of the day, you are his or her role model. Hope this blog helps you teach your child about the importance of saving and money in life.
You can visit the Union Coop website to buy a premium set of school items for your child and have a look at the back to school deals. So share with us how you feel. Give us a like if you agree with us.