3 WAYS TO PROMOTE CHILDREN TO SAVE

We are in a society, where parents are busy with work and all kinds of activities, thereby leaving their kids in the hands of maid and relatives.

It is imperative for parents to understand that children must be nurtured in all areas in order to face the society and the future ahead.

It is important to promote and encourage our children to be financially responsible at the early stage of their life and this can only be possible when parents are involved.  To promote children financially give them an understanding on how to manage their money through saving, spending or investing.

  Tips on how to promote children to save;

i   Show the Act; As parents ensure you are saving and involve your children in the act. This can be achieved by having a safe box where you dropped money daily and explain to your children what you are doing and why you are doing it. Children tend to learn faster from what they see, especially what they see their parents do.
ii Reward the Act; Make saving attractive for them, this can be achieved by rewarding them for saving. For instance, tell them that they can get 10% of whatever they saved for the month.  By doing this, you are telling them that saving attracts interest 

iii Make the act attractive;   You can monetize some task done by the children,  by so doing, you are teaching them, that labor attracts reward and in order to be financially stable in life you need to work hard to earn the money.

visit http://time.com/money/2946458/teach-kids-to-be-finacially-independent 8 ways to teach your kids to be financially independent