IMPORTANT! Juan Carlos Escotet: Saving Money: an Important Lesson for Kids in your Family

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IMPORTANT! Juan Carlos Escotet: Saving Money: an Important Lesson for Kids in your Family

14
Nov,2017

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As you may noticed, saving money is one of the most important aspects you consider in your everyday life. This is because it helps us build wealth and having a secure financial foundation in our families.  Unfortunately, we learnt this lesson through trial and error, and more importantly, experience. However, there is still some time to empower the next generation. We have to start by teaching our children how important it is to save money from a young age. Keep reading and discover these 4 easy ways to teach your kids about saving money that Juan Carlos Escotet, leader of Banesco, brings to you.

  1. Open up a new bank account

[Juan Carlos Escotet Rodríguez}: Open up a bank accountYou probably have a piggy bank full at home, which your children helped you fulfill. Now it is time to go to the bank and open up a bank account for your kids. Have them count how much money is going to be deposited; this will make them have an idea on how much money they have and understand the importance of having it safe.

  1. Saving jars are great

When your children want something (it could be a toy, a book, some piece of clothes) you should let them know they will have to save some money for it.  Provide them a jar for each of their desired purchases and offer them a small allowance each week in a denomination that encourages savings.

  1. Do some timeline

[Juan Carlos Escotet Rodríguez]: Teach them the value of saving their own money

Juan Carlos Escotet: Teach them the value of saving their own money

Of course, the concept of money for kids can be difficult to understand. In order to make the proper idea, money and budgeting education should be timely and ongoing. If your kids receive some money, a check or something like that in each one of their birthday, the perfect moment to make them understand a little bit of savings is right before receiving that check or money.

  1. Example is the best teacher

As you probably have noticed, your children learn by example. For this reason, the best way to teach your child about saving money is to save money yourself.  Demonstrate them you are capable to manage your own jar of money and that you put funds in it regularly.

[Juan Carlos Escotet Rodríguez]: Give them budgeting education

Juan Carlos Escotet: Give them budgeting education

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