How to teach your kids to save
1. Start with a savings jar
Choose a clean jar so that your children will be motivated to see their money accumulating.
2. Open a bank account for them
When their savings have reached certain amount, move them to a savings account. You can also start investing their money and explain to them on how they can grow their money through investment.
3. Establish financial independence
Teach your children to save to buy things that they want. If they want a video game, let them earn it.
4. Offer rewards
Reward your children if they have achieved their saving goals. It can be as small as buying them their favourite food.
5. Set good example
You should also set a good example by being prudent in your spending and have your own savings.
This article is prepared solely for educational and awareness purposes and should not be construed as an offer or a solicitation of an offer to purchase or subscribe to products offered by Public Mutual. No representation or warranty is made by Public Mutual, nor is there acceptance of any responsibility or liability as to the accuracy, completeness or correctness of the information contained herein.
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