Eid and Eid .. How do you teach your child to save? | Mirror

Children are eager to celebrate Eid, wear new clothes and see family and friends. It is also a golden opportunity for them to collect the Eid and brag to each other about what they have collected, and what they are going to buy for themselves. It is also a golden opportunity for parents to teach their children about the value of money and how to manage it, and to set priorities and the importance and methods of saving.

Children do not realize on their own the value and importance of money, and instead of preventing them from getting rid of their money, you can teach your child to manage and save money, set big goals for him and then to pursue, and how to give price to his unnecessary desires to achieve a greater goal. Here are some steps and tips that can help you:

Where does the money come from?

The first step to talking about money and saving with children is to explain what money is, why it is important and where it comes from. “It’s important to teach your children where the money comes from, it does not come from the mother and father’s wallet, but we must work to be paid, and if we do not, we are not paid, “Financial expert Rachel Cruz tells NBC. “.

Some parents feel ashamed to talk to their children about money, or for fear of burdening them with concepts older than their age, but money management is one of the most important life skills your child needs and needs training and learning during the stages of his life, and it’s not necessary to involve him in all the details that may exceed his realization, and that’s enough. Teach him initially about his money, expenses, and savings.

The child must be trained to politely reject the gift of strangers
The child must be trained to act politely when rejecting the gift of strangers (communication sites).

Give, save and spend

After explaining where the money comes from, Cruz recommends explaining 3 basic principles: give, save and spend. Every time your child is paid, remind him to give a portion of it to those who need help, spend a portion, and save a portion.

It can help to give the child 3 “jars” of glass to give, save and spend, and divide the money among them every time he gets the money, while leaving him the freedom of choice to value of each part of the three.

“Giving teaches your children to feel the impact of helping others at an early age, which is invaluable,” Crone added.

Desires and needs

The American Investopedia website stated that explaining savings to children requires discussing some key concepts such as budget and financial goals, and that a distinction is made between needs and needs.

Needs include the necessities of life such as food, home, basic clothing, health care and education, while other extras can be considered as desires like sweets, extra clothes, buying a bike, and others.

By distinguishing between needs and wants, the child can understand the meaning of priorities and how to define them, and that are needs on which money should be spent, while leaving some money for future necessities.

opportunities to make money

By encouraging children to work or perform certain tasks in return for payment, they learn the value of money and how to use it. Realizing that it takes hard work, almost everyone appreciates the money they earn other than the money they receive.

This job can do some extra household chores besides their main role of helping with the house, or participating in a fair with their friends to sell their craft or whatever they can make well.

22 field - invest money save money
To encourage children to do certain tasks in exchange for payment, teach them the value of money and how to use it (Pixabe)

savings goals

The child does not realize the value of saving, and when asked to refrain from buying what he wants and keep the money without explaining the proceeds from it, it may seem to him that it is useless, so can you encourage him with short-term savings goals, which motivate him to keep his money to buy something bigger he wants, such as a modern bicycle or a large toy.

Having a savings goal in place helps them break down the goal into the stages to achieve it and the amount of time they need. For example, if the goal is to buy a game for an amount that exceeds their expenses, a percentage of the expense can be set to be saved each week, and the time required to raise the full amount and buy the game.

Eid al-Fitr and Eid al-Adha are two opportunities that can not be compensated, so the Eid can be used to achieve these goals faster, or even achieve more than one goal.

Save incentives

To further encourage your children, you can offer to give them incentives for their savings, which can be a monthly percentage of what they have saved, or a bonus when the child reaches one of the savings milestones, such as a certain amount of money when he saves. half the amount agreed upon.

We make mistakes to learn

Part of getting kids to manage their money is to expect them to make mistakes. Some parents may feel like stepping in all the time and preventing children from making mistakes, but it is best to let them make mistakes to learn and experience fully.

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Some may intervene to prevent their children from making mistakes, but it is preferable to let them make mistakes to learn (Shutterstock)

a good idol

Children copy their parents’ actions. If you want to develop your child’s spending and saving skills, be a role model for the behaviors you want them to adopt. He needs to see that you make smart spending and savings choices.

You can show your kids some details about how you manage your money, your family or personal savings goals, and what you want to achieve and what you want to sacrifice for by giving up luxuries.

You can involve them in some of the big goals you are planning, such as traveling with the family, discussing the details with them, which should be saved every month for a nice holiday, and it is an opportunity for your children to learn that even fun things have a cost and should be saved.

By laying the foundations needed to handle money and realize its value and how to save, you help your child build healthy habits at an early age, teach him discipline, and fulfill his desires. slow down, set goals, plan for them and sacrifice. to reach them. In the future, it makes him less likely to become the victim of financial pressure when he becomes an adult, and avoids big mistakes that cost him a lot of money when he needs it.

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