| Children think that the money they have is unlimited | | | | motivation to start saving money. |
| because they have no idea that their parents acquired | | | | Creating a family financial plan is also a must if you |
| it through hard work. They just know that it is used to | | | | want your child to learn. Lets say he wants to have a |
| buy things. The sooner they realize how hard it is to | | | | bike, instead of buying it for him you could make a deal |
| earn it, the sooner they will acknowledge the value of | | | | with him. You will pay for 50% and the other 50% he |
| money. | | | | must save from his allowance. He will now have an |
| To be able to buy the things they want children will | | | | idea on how much he has to save every week to be |
| learn that they need to save up. Showing them the | | | | able to buy the bike. This makes it enjoyable and |
| importance of having money will open their eyes to | | | | satisfying once they achieve the goal. |
| having a good relationship with it. Showing the burden | | | | Setting him up with an account at the bank is also |
| of having no money at all will make them open their | | | | useful in their learning years. This way he will have an |
| eyes that investing and not spending too much is a | | | | overview of how the bank works. His money is also |
| must to survive in this world. They would also learn a | | | | much safer when kept here than under his shirt at the |
| lot if you explain to them how inflation works and how | | | | closet. |
| saving money is important in life. | | | | Parents will experience a lot of difficulty explaining to |
| Talking about your child's dream in the future is one | | | | the child everything there is to learn about money but |
| way of convincing him to save up. If he has a target | | | | once the child has fully understood this, he would have |
| that he wants to achieve so bad he will understand | | | | a new appreciation for the money he holds. Now as a |
| the need to save and invest money for that dream to | | | | parent, don't you think it's gratifying to see your child |
| happen. If he wants to have a nice car and a very big | | | | spend less on useless items and started saving up for |
| house, explain to him that he needs to work hard and | | | | his future? |
| avoid unnecessary spending. This will serve as his | | | | |