IMPORTANT! Juan Carlos Escotet: Saving Money: an Important Lesson for Kids in your Family
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.
- 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.
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.
- Do some timeline
- 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.