When we’re in school we are often thought to associate the words greed and selfishness with money. Whereas, money allows us to give to others and opens up various opportunities. 

Money plays a huge role in our daily lives and once our children grasp this concept, they’ll start to develop habits that’ll help them throughout the long run. Firstly, the notion and value of money must be adequately explained to children.

Here are 5 easy tips to help your Kids Save money 

1. Reward system: having a reward system, doesn’t just teach your child to save money but also develops their overall attitude and character. Every time they do something good you can add a certain amount of money into their “account” and when they do something bad, you can deduct some money. This way towards the end of the month, based on their behaviour, they can buy something they like and be rewarded for their good behaviour. They’ll also understand that saving money is a process and that they need to be consistent with it to get what they want. 

2. Aesthetic savings: When you buy your child a cute or an aesthetically pleasing piggy bank, it’ll motivate the kids to use it and save up so that one day they can open it. Though this might seem like a small thing, to them it’ll make a big difference because it will be their own personal savings. 

3. Priorities: Teaching your children how to prioritize things will make life easier for you and better for them. It’ll help them understand the importance between wants and needs, they’ll realise that they can’t just splurge on what they want, and that if they have a couple of wants they have to decide which one they need the most. This helps them use their personal savings only for what they need. 

4. Track spending: Kids these days spend their pocket money or personal savings without thinking, it’s our duty as parents to educate our children on how they should track their spending. Ask them to make a note of how much they spend and on what they spend, so that the next time they learn from their previous spending. 

5. Work for it: Money doesn’t come easy to any of us, we work extremely hard for it and that’s why we value money. One of the best ways to teach your kids the value of money is to make them understand that they need to earn it. If your kids are a little older, you can ask them to do internships and help them hone their existing skills, learn new ones and earn money. The same way online schooling has helped children throughout the world in quality and efficient education, online internships can also be the perfect opportunity for students to start working in a safe environment. 

Another useful thing we can do as parents is buy our kids Money-related Books according to their age, kids always grasp stories better and learn from them easily. Leading online schools like 21K School are paving the way to change our traditional schooling system. They realise what is needed is deeper learning of content through its application in solving real-life issues. Their curriculum includes purposeful development of critical skills such as problem-solving, financial literacy, and so on.