The yuletide is the season of caring and sharing with loved ones, with children expecting to receive gifts and even cash during this time.
This presents an opportunity to teach children about the merits of savings. Patience Johnson, a mother of three, says that savings is a habit that must be cultivated and parents should endeavour to teach their kids savings
culture.
According to her, it is no longer profitable for parents to collect every stipend given to their kids by family members and friends who visit. Kids should be encouraged to have piggy banks where they can drop their savings.
“One should reward kids for certain chores that they do, which may include washing the cars, tidying the kitchen and encouraging them to save 95 per cent from that cash reward,” she said.
You can teach them to understand what money means. Teach them to work and earn money even though they are small because when you give them money most times, they will think it is easy to get
She explained further: “At the end of six months, put together what each child has saved separately and then add 100 per cent interest on each of them. This means that whoever saves more has more interest and vice-versa. This will encourage each kid to save more so as to earn more and they will eventually see savings as a
lifestyle.”
WHAT TO DO
Mr. Michael Ashimoh, a human capacity trainer, says no age is too young to teach a child how to
save.
“Especially at that late stage of nursery school, you can teach them to understand what money means. Teach them to work and earn money even though they are small because when you give them money most times, they will think it is easy to
get.
“The principle is let them do certain chores that ordinarily they would not like to do, like washing cars, for which they will earn money and you will see them eager to work. I do not mean the usual chores they would ordinarily have done because they won’t be paid for that. I mean the one you would have paid someone to do like washing the cars, sweeping the compound,” he
stated.
He noted that for parents, who would like their kids to give tithes, the kids cannot do so if they have not worked for their money. Giving them money to give, as tithe, is not proper because it is not their money, as they have not worked for
it.
“So, let them do those chores you would ordinarily have not told them to do and when they know they will earn extra money, they will be happy to do it happily. To encourage savings culture, get them piggy banks to grow their savings. You will notice it is fun for them and they will guard it jealously, anxiously waiting for the day the piggy bank will be broken,” he said.
Ashimoh pointed out that, because children are eager to save, they may not spend their entire lunch money in
school.
“This will help them to get accustomed to savings and it trains them to be independent and business-minded. Once the piggy bank is broken, you may use the proceeds to buy for them what they want and what is left to open savings accounts for them,” he added.
HIS ADVICE
Start early by teaching children the importance of savings as that will help them when they become adults. Always encourage them to save by getting them individual piggy
banks.
RECALL
• No age is too small to teach kids to save; start early.
• Teach them to work and earn money so they can understand its value.
• Get them piggy banks to encourage savings.
