Learning to save and handle money was one of the\nthings I learned quite early in life. And my parents rightfully deserve the\ncredit. Because they were teaching their child how to start saving early in\nlife.<\/p>\n\n\n\n
This is my personal story.<\/p>\n\n\n\n
In those days, a foreign bank with operations in India\ngave a money box shaped like the legendary cartoon character, Donald Duck.\nEvery month, they would take me to the bank where I would carefully count the\ncoins and notes, fill up a slip to deposit the money and hand over the passbook\nfor update.<\/p>\n\n\n\n
As the amount of money began growing on the passbook,\nI would imagine the number of things it could buy to satisfy my childhood\nfantasies.<\/p>\n\n\n\n
At the same time, I was reluctant to take any cash\nfrom the account. Because I would think whether I really need the stuff. And\nsecondly, the money was growing because the bank was paying an interest.<\/p>\n\n\n\n
The Donald Duck money box and that passbook taught me\nthe importance of savings early in life. And as parent, I\u2019ve taught this to my\nchildren too.<\/p>\n\n\n\n
Therefore, if you wish to teach your child to start\nsaving early in life, here\u2019re some tips from my personal experiences.<\/p>\n\n\n\n
There\u2019s no shortage of banks in India. Indeed, no\nother country has such a wide range of banks: Public Sector Undertaking (PSU)\nbanks, private banks, cooperative banks, foreign banks, small finance banks and\nthe new breed of small finance banks.<\/p>\n\n\n\n
And of course, there\u2019s the ubiquitous India Post\nPayments Bank that operates from nearly 160,000 post offices across the\ncountry, including remotest areas.<\/p>\n\n\n\n
Regardless where you live, here\u2019re some tips about how\nto teach your child to save early in life.<\/p>\n\n\n\n
Give some money and send your child to a neighbourhood\nstore to buy something. Upon returning, ask them to list the stuff with price,\nfind the total and count the change. This is the very first step. <\/p>\n\n\n\n
A child should know how money works and different\ndenominations of currency notes and coins. And give your child a small tip as\ntoken of appreciation. A few coins would suffice. Ask them to keep the coins\nand give you later, when they add up to a larger amount. <\/p>\n\n\n\n
Buy your child a money box. The most popular one is\nthe Piggy Bank, which is a best gift idea<\/a>.\nYou could also create one at home from a discarded tin or jar. Or buy one from\nany street-side vendor. <\/p>\n\n\n\n Encourage your child to stash away spare change from\ntheir pocket money. But ask them to open the money box only in emergencies or\nwhen it\u2019s full. Let them watch the money grow.<\/p>\n\n\n\n Most banks offer special accounts for juniors. And\noften, they give away some attractive gift to the child that aims at\nencouraging the savings habit. Furthermore, some banks also issue an ATM card\nwith your child\u2019s name and a passbook. Encourage your child to collect money\nand deposit in their account every month. <\/p>\n\n\n\n Set a specific day of the month to take your child to\nthe bank. And gradually ask them to visit the bank themselves and complete all\nthe deposit formalities, including updating passbook. However, in such cases\nmake sure the bank is nearby. And your child handles money carefully, away from\nprying eyes.<\/p>\n\n\n\n One of the best ways to teach your child to start\nsaving early is by taking them for your household\nshopping. As your child to look for buy-one-get-one-free\noffers, special promotions and other discounts on household requirements. And\nbuy them too. Tell your child how much money you could save because of their\nefforts to look for bargains.<\/p>\n\n\n\n Another excellent way to teach your child about\nsavings are back-to-school promotions. Help them select schoolbags, books and\nstationery of their choice that\u2019s available at bargain rates but are of\nexcellent quality. Taking children for shopping, asking them to look for discounts\nand special offers and appreciating their effort has a magical effect. There are many other ways you\ncan teach your kids about saving money<\/a>. Gift them some of the money you could save\ndue to their effort as token of appreciation.<\/p>\n\n\n\n And finally, teach your child how to maintain the\nfamily account of expenses. Give them a notebook. Tell your child how much\nmoney you earn or spend during a day and to note it carefully. Help your child\nunderstand how household economics work. <\/p>\n\n\n\n When a child learns to maintain the household account,\nthey\u2019ll also learn to keep a check on expenses. And usually, the child will\nalert you when the expense is higher. This warns you too to curb spending,\nunless it\u2019s completely justifiable.<\/p>\n\n\n\n \n\nYou can be confident that following these simple\nsteps will teach your child to start saving early in life. Saving money and\nusing it properly are an essential life skill they\u2019ll require as they grow.\nHence, earlier you start, the better. At the same time, it\u2019s also necessary to\nspeak about ways and means to make money grow. When you take your child to the\nbank, encourage them to collect and read those free brochures on various\nsavings schemes they offer. And ask questions to a banker, when possible.\n\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":" Learning to save and handle money was one of the things I learned quite early in life. And<\/p>\n","protected":false},"author":1,"featured_media":1440,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-1438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-parenting"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.untumble.com\/blog\/wp-json\/wp\/v2\/posts\/1438","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.untumble.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.untumble.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.untumble.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.untumble.com\/blog\/wp-json\/wp\/v2\/comments?post=1438"}],"version-history":[{"count":1,"href":"https:\/\/www.untumble.com\/blog\/wp-json\/wp\/v2\/posts\/1438\/revisions"}],"predecessor-version":[{"id":1439,"href":"https:\/\/www.untumble.com\/blog\/wp-json\/wp\/v2\/posts\/1438\/revisions\/1439"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.untumble.com\/blog\/wp-json\/wp\/v2\/media\/1440"}],"wp:attachment":[{"href":"https:\/\/www.untumble.com\/blog\/wp-json\/wp\/v2\/media?parent=1438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.untumble.com\/blog\/wp-json\/wp\/v2\/categories?post=1438"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.untumble.com\/blog\/wp-json\/wp\/v2\/tags?post=1438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Open Children\u2019s Bank\nAccount<\/h4>\n\n\n\n
Take Children Shopping<\/h4>\n\n\n\n
Teach Bookkeeping <\/h4>\n\n\n\n
In Conclusion<\/h4>\n\n\n\n