It Can Be Started Early, Here Are 5 Fun Ways To Teach Children To Save

Illustration of how to teach children to save (Unsplash/Annie Spratt)

YOGYAKARTA – Teaching children to save is not just about opening a new account and saving money. But also related to how to manage to form a lifestyle. Saving, can be taught by parents since they recognize currency as an exchange rate.

Saving money, maybe taught in school. Like when they get economics in junior high school. However, teaching children to not only save, but also plan, and regulate their lifestyle is important for parents. Quoting from Family Education, Tuesday, May 10, here are fun ways you can teach your kids to save.

1. Play Monopoly

You can learn by playing. When introducing the concept of finance, balancing spending and saving can be interactive as well as fun. By playing Monopoly, children learn how to visualize money.

2. Make saving a competition

Children are often attracted to competition, so make saving a game a game. Challenge them to save a self-determined amount of money each month. If they do, the kids can win a bonus from you. otherwise, they don't get any extra pocket money or gifts. You can also add other incentives, such as going to the movies or buying new shoes to make them more motivated.

Illustration of how to teach children to save (iStockphoto)

3. Teach how to negotiate and decide

In this third tip, you can direct your children to sell, for example. That way, they will learn how to negotiate and raise money. This method makes children learn more quickly about the circulation of money and how much money can be collected as a result of their buying and selling efforts. Some schools use this method to hone their children's ability to manage money.

4. Match their savings

Children may not have references to money visualization. For example, Rp. 500 thousand can be visualized with a box of toys or five books. You can match the results of their savings, save how long, and visualize the achievements of the money they save.

5. Give the child pocket money

Giving children an allowance can help them learn what it's like to buy something they really want. For example, if you're going on a family vacation or a big trip, let them know they'll be responsible for their own souvenir.

This will reduce their demand to buy things, and it will teach them the value of buying things for themselves. That way they will make the decision feel more real if they make the purchase with their own money.

In addition to the five fun ways above, be honest and open about family finances. This provides an example so that they can save, plan, and manage family finances in the future.