Today I wanted to take another step with our young entrepreneurs, and chat about encouraging and educating our children to adopt a young savers mindset. I know this is something most families don't discuss with little ones. Exposing our niños to budgets/savings early has so many advantages for their future. It gives them the confidence to know basic principles that would help them care for themselves. It would also help them create great healthy habits with money early on. Speak with your child on the importance on saving, and why we do it. You could mention there are savings for long term and short term goals. They could save for a new toy, ice-cream, or a piece of clothing. Since children are visual they could even cut out a picture of their goal and post it on their bank. Here are a few quick tips to get started.
1. Have a light-hearted discussion with them using simple terms, and example about why we need money and what we use it for. Example fuel for the car, or it could be as simple as the light switching on, and explaining how we pay for that service. Or, you could just keep it to toys whatever your comfort level is go with it! You can go into details based on your child's age. Keep it fun, light and simple. We want to make sure we are really relaxed when sharing examples with them.
2. Designate a saving space together. Example you could use the good old piggy bank, an envelope, or a jar. Whatever works and inspires your child to want to save.