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Being a parent is no easy task. Especially when it comes to teaching young kids how to behave themselves.One habit that parents can help their young children acquire is saving money. Rather than going out with a plastic bag every time you go to a toy store with your child, teaching young minds to control their urges can be a good thing. After all, children imitate their parents in various ways, and can acquire new habits easily.
Simply by showing them that you, the adult, are saving cash, will help them acquire a saving routine.
By explaining that we are all managing a budget as part of the daily routine, you demonstrate the importance of saving to the kids. Keep in mind that children never worked for a living before, meaning that the importance of controlling one’s costs and why saving is important should be explained to them.

If your kids are older, try using a calculator to show how much cash they can save towards purchasing a new laptop computer or even a car.
The reward method can also help teaching your kids some personal finance. While leading by example is a great start, but motivating them to continue to save is essential. Try matching a saving amount, or taking them out to a restaurant of their choice to reward them for saving and setting new targets.
Show your child that they can afford whatever they want as long as they can pay for it. It will help motivate them to work hard, save money and do so as a life long habit. It will contribute to their financial freedom in the long term.

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