Here are five ways to show your child that saving — and giving — can be just as rewarding and happy as getting
1. Give them the spending power
Tired of always playing the leader of finance in home? Give your children control over their weekly “entertainment allowance” and see what happens. According to researchers children who are free to spend their money on whatever they want tend to be more thoughtful and creative.
2.Teaching kids to save teaches self control.
Choosing to save instead of spend, is an exercise in self control. The famous 1927 Stanford Experiment showed that kids with self control are psychologically better adjusted, more dependable and do better in school.
Children should be made to understand the difference between ‘needs’ and ‘wants’
3. Reward savings behavior
Positive financial reinforcement is a powerful tool. Encourage responsible cash conduct by making it worthwhile every time your child decides to save instead of spend. Reward them suitably whenever they tend to save money. Set a goal for your child — give them a task and award pocket money in denominations that they can count. And, so the kid in turn puts it into his/her piggy bank. Once the money grows, He/she is entitled to buy toys, chocolates, gifts etc.
4. Let them pick a charity
Giving something is just as important as getting — and that good feeling can last a lot longer than the craving over a new toy. Involve your children in charitable acts. Get online together and find a cause they can relate to. Find a local charity and take your kids there to see firsthand how their bequests will help. Have them deliver the donations (cash, toys, clothes, etc.) themselves.
5. Show your gratitude for your family’s gifts every day
The most powerful illustration of the good that comes from giving is gratitude. Share how grateful you are to be able to afford new school supplies and how much you appreciate gifts from your friends and family. Talk to them about how you are paying it forward, and openly share the joy you get from helping others.
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