8. Train them to save: It is not necessary that every child is the same, some take a little time to understand saving. One way is to encourage them putting their pocket money in a piggy bank as their savings. Next is find out what your children want to buy and then help them think about ways they could earn pocket money and save for the items like toys and games if they are young then items like or books, movies or a special event if they are older.

Discuss with them how much they will need to set aside from their pocket money or their pay each week to reach their target. Encourage your children to stick to their budget by offering to add to their savings if they achieve a particular savings goal.

9. Explain how earning can help in achieving goals: Teach them that if they have a savings goal, then it is easy for them to reduce their expenses to achieve it faster and you can also earn more money. They can start learning this lesson at a young age, by earning extra money (not from few household jobs, as they need to learn to contribute to the household without expecting pay), but from extra jobs, such as doing yard work or babysitting for the neighbors and washing cars.

10. Make learning process fun: Kids are happy when it is fun so make their learning about money more of fun for them. Make a printing or savings chart for your child. Encourage your child to help, either by getting out the chart whenever it is time to set money aside, or if you have a child, who can write, allow them to write in the numbers themselves. A money app for kids can be a great way to learn about money. Piggy Bank and Savings are two things that you could start with.

As your children get older, you will need to come up with new ideas to teach them about money, but it is definitely worth starting when they are young. Teaching your kids about money at a young age will encourage them to be responsible with money later and help them avoid bad financial habits, as well.

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