Teach Your Child The Value Of Saving

There’s never a dull moment when you have kids around. They tend to say and do the darnedest things. And while watching them grow is an adventure in itself, as parents you want to make sure you give your kids the best you possibly can— education, nutrition, clothing and life skills. A big part of learning important life skills is gaining fi nancial independence and becoming responsible with money. Meenakshi Khanna, content expert at Sesame Workshop, India, demonstrates simple ways to teach your children the importance of saving from a young age.

- Meenakshi Khanna

A CHILD’S formative years, between the ages of zero to six, is perhaps considered the most critical period of learning, as this is the time when brain development is at its peak. Your child is learning to navigate his way around the tiny world he lives in, is developing language and social skills, and is even experiencing various emotional developments. Values, morals and life skills inculcated at a time like this, when your child’s brain is like a sponge, absorbing everything he sees and hears, will help your child develop into a well-rounded and responsible adult. This makes it important to teach your children the importance and value of saving money, particularly when your child is eager to learn. Financial empowerment goes beyond just saving money; it means having goals and aspirations, planning and finding means and the right information to achieve those goals. The concept of financial empowerment should be exercised when children are young, as their minds are open to understanding concepts and building notions. Of course, this means you need to avoid financial jargon, and make the lesson as simple as possible—encourage their dreams and aspirations, help them set goals, and then, formulate a plan to achieve them. This will enable them to put into practice the skills of planning, saving and sharing.

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