Too many adults are not managing their money well due to the lack of education in money management when they were young.
Learning the right money management from young gives kids teaches them responsibility. It lets them experience a sense of control over their lives. At the same time, it makes them appreciate and value what they have.
So where do you start?
1. Goal setting
Sit with your child to set a target of what the saving is for. Work out a schedule on how to achieve the goal.
2. Piggy bank small change
From time to time, when the piggy bank is full, take a trip to the bank with your child to show how to deposit all that money saved into the account.
3. A top-up reward system
An incentive system can be set for when they achieve a certain amount. For example, you can top up RM1 for every RM10 they saved.
4. Teach them to shop for bargains
Show your child how to compare prices so they don't buy the first thing they see.
5. Rainy days
Explain to your child that when more money is saved, it'll come in handy when they are older, or during emergencies.
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