It is now not news that parents are very first and best teachers for children because they shape their life. Children are going to copy their parents in one way or another in anything or everything they do in their life, and financial stuffs are no exceptions. Therefore, saving for child will make them learn good lessons about money matters.
First step to start children learn about money, its importance in life, how to earn money, how to save it and how to spend responsibly is to engage them in interesting conversation about financing. It is necessary to involve kids in family's economic discussion which may include budget, saving and investment.
Early teaching of money concepts will deeply root good practice of saving in a child for his/her life. Most educators advise to make kids learn about money as early as they start counting. Piggy banks are very good means to introduce small children about saving, while will be encouraged to spend wisely and save responsibly when a special bank account are opened on their name.
There are banks and other financial institutions which make saving for child a fun and interesting process. There are number of organizations provide wonderful resources about saving for child. Discovering such resources will help kids learn important lessons about money. All such money saving practices will help children interested in saving and learning about money over the years.
Today it is well understood that children learn almost everything from their parents, and money is no exception. A recent study shows that more than 80% of college students say that all they know about money and personal finance is they learnt from their parents. In this case, it is important to set up a good example at home with good money management.
It is important for parents to spend responsibly as well as to save significantly. Saving for child is most important for their higher education. Start early to save enough and discuss it with a kid to show that his/her parent is ready, so he/she has to be.