bs-preloader__icon
ru kz en

How to teach kids to save money

Money is an integral part of our daily life. We use it every day, pay for purchases and services; we strive to realize our dreams with its help. And therefore, it is very important to instill the right attitude towards money in children from an early age, according to the website of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market.
How to teach kids to save money

Since what age should children start learning how to handle money?

Start introducing children to money in a playful way. At the age of 3-4, a child can be taught to recognize different coins by asking them to sort them into cups of different colors: for example, let the child put 100 tenge coins in a red cup, 50 in yellow, and 20 in green, and then explain that for the money in the red cup they can buy a toy, and for the money in the green cup they can buy ice cream.

Another option is to play a game of finding coins. Put different coins on paper and circle with a pencil - you get circles. Then mix the coins and have the child place the coins in the appropriately sized circles and explain in which circles are the coins with less or more value.

Play the game store with your child. Arrange different products on the table, fix price tags on them, and then decide who will be the buyer and who will be the seller. You can buy a small toy cash register and toy money (tenge, euros and dollars) if you wish.

At what age should you give your child pocket money?

Many financial experts recommend giving pocket money to children starting from the ages of 6–8 years. Teach your child to shop independently. As you know, children closely observe adults from a very early age, copy their attitude to various things, including money. Therefore, it is important to show by example how to use it correctly. When shopping with your child, draw their attention to the cost of goods. Teach your child to shop independently at the store over time. Compare, but don't judge, the purchase the child has made. Be sure to praise the child for the reasonable spending of the family budget.

Let your child choose a few things for a future purchase. Help them estimate how long it will take to accumulate the required amount. Have the child put money in a suitable envelope each week or month for that purpose. As a result, in order to form this useful habit, it is very important to acquire what the child wants.

Let the money given to child as present remain their personal property. However, you can discuss how they manage their finances: whether they spend it on a certain purchase now or put it in a piggy bank for a larger purchase.

Children of middle school age (10-14 years old) can be involved in home accounting by visually showing in numbers how you manage the family budget. Write down the total family income on a blank sheet of paper in one figure then subtract the expenses for the apartment, the amount of debts or a loan in the family from this amount. Next, you must subtract the cost of food, clothing items, mobile communication fees, public transport and gasoline for the car from the remaining amount. If any holidays or birthdays are approaching, set aside a certain amount for gift purchase.

Give your child a certain amount to buy, for example, New Year's presents for all family members. You can involve your child in creating the budget this way, or even leave one section of the budget for the child to manage. This will put more responsibility on him and give him the opportunity to learn to plan out the budget.

Photos are from open sources.

Share
read also
Life Insurance Companies are the insurance market’s new driver
Life Insurance Companies are the insurance market’s new driver

Total insurance premiums over the past year have increased by 3.9% to 384.8 billion t...

Taming a wild policy
Taming a wild policy

How to treat illnesses of growth of investment life insurance...

Positive dynamics in life insurance
Positive dynamics in life insurance

The National Bank of the Republic of Kazakhstan published the main indicators of the ...

The most interesting materials of the site you have in the mail! Subscribe to the newsletter.

ASK A QUESTION TO THE EXPERT
ASK A QUESTION TO THE EXPERT
Submit your application