Teaching Your Kids the Art of Saving

Kids the Art of Saving

Art is not just about paintings and drawings and sculptures. Art is every move we make and everything we do. And particularly, that includes the art of saving.

It’s good that at an early age, your kids and teens will be able to appreciate and practice the art of saving. This is not just your ordinary monetary advice article. This is all about teaching your children the value of everything they have, whether it something material or monetary. And indeed, this subjects matter is one of the simplest and common of them all, yet one of the most difficult to deal with in the hereafter. Well, here are just some of the ways to teach your kids the value and art of saving.

The “No Money” Syndrome

If your teens would ask you to buy or give them something you can’t afford, you would usually answer back with a “I have no money” excuse. Most parents are guilty of saying these words every now and then. Telling your kids you have no money as of the moment is basically not a good example. It’s technically lying. And your teenager is not that dumb to believe you either way. In actuality, your wallet has a decent amount of money. You just can’t afford to spend it on such things. Instead of telling your kid that you don’t have money, reiterate on the fact that you don’t have budget for that right now and you have some other important things to buy or spend with that money at hand.

Time is of the Essence

When saving, you also have to realize that time is part of the picture. Unless you have learned this truth, you won’t be able to teach the importance of this issue to your kids. See, when you save, you should also have a particular time frame in mind. You don’t just save for nothing. It’s always for “future use”. But the question is, how soon that “future” would be.

Aside from that, once you promise your teen something in a particular time or occasion, make sure you will be the first one to remember it. That is part of time management and keeping promises. Saying “next time” is also “time bound” in nature, when you think about it.

A Week’s Allowance

Give your teen his or her allowance for one week already. Don’t get him or her used to staggered, daily allowances. But never give him or her more than what you ought to give. In this way, they will learn how to create an efficient budget for the whole week. Moreover, they will learn how to prioritize things and differentiate “needs” versus “wants”.

The 50-50 Rule

The 50-50 rule is simply about letting them earn and save for something they want. There will be times when your teenager would ask you for something that he or she badly wants to achieve or possess. A rock concert perhaps or a meet and greet session with the One Direction or something more or as expensive as that. Take advantage of the situation to teach them the value of money and the art of saving all at once. Make a deal that you will give half of the price or the sum of the money needed, if he or she will be able to earn the rest of the half by whatever clean and legal means.

Encourage Creativity and Self-Help

Always encourage your kid to use his or her creativity and resourcefulness. Don’t just let them buy stuff that he or she can actually create instead. Encourage them to improve his or her arts and craft skills instead of just buying gifts for friends and family. In addition, inspire them to write and never buy best essays, school projects and the likes. Recycle and fix instead of readily purchasing new stuff.

Be the Perfect Example

Walk your talk. No matter what you preach to your teens about money, earning and saving, they won’t believe and follow you if they can’t see you practicing your preaches.

Perhaps you’re not one hell of an artist like Leonardo Da Vinci or Vincent Van Gogh. But can always practice the most practical art  in the world — the art of saving. And never forget to pass it on to the next generation — your kids.