Hope everyone is doing very well! My last post talked about fostering young entrepreneurs. If you missed it feel free to click here http://enannylink.com/5-ways-to-foster-entrepreneurship-in-your-children/
Today I wanted to take another step with our young entrepreneurs, and chat about encouraging and educating our children to adopt a young savers mindset. I know this is something most families don’t discuss with little ones. Exposing our niños to budgets/savings early has so many advantages for their future. It gives them the confidence to know basic principles that would help them care for themselves. It would also help them create great healthy habits with money early on. Speak with your child on the importance on saving, and why we do it. You could mention there are savings for long term and short term goals. They could save for a new toy, ice-cream, or a piece of clothing. Since children are visual they could even cut out a picture of their goal and post it on their bank. Here are a few quick tips to get started.
1. Have a light-hearted discussion with them using simple terms, and example about why we need money and what we use it for. Example fuel for the car, or it could be as simple as the light switching on, and explaining how we pay for that service. Or, you could just keep it to toys whatever your comfort level is go with it! You can go into details based on your child’s age. Keep it fun, light and simple. We want to make sure we are really relaxed when sharing examples with them.
2. Designate a saving space together. Example you could use the good old piggy bank, an envelope, or a jar. Whatever works and inspires your child to want to save.
3. Work on a chart together where the goals and timelines could be seen. You could just use pictures of their goals; like a vision board. For Vision Board ideas click here: http://enannylink.com/create-vision-board-children/
4. Set a good example. They would love it if you had a bank next to theirs, and showed them the way to reach your goals a penny at a time! Modeling is always the best teacher. This is one of my favorite banks we found for our young niece….it adds the money up as each coin drops in! Talk about watching your money grow!
5. Here is the fun part! Play games, or activities with your children. If they’re younger you could set-up a grocery store and give them money to purchase the food. Give examples of how they could make money and how much they should save for the next week. Any lesson could work in pretend play….skies the limit!
When my husband and I spoke with our children we bought a game called Ca$hflow by Robert Kiyosaki. At the time our children played with us. We were all learning as a family! Today this game has expanded, and they have a children’s version now. This game takes all the tough mechanics of money and keeps it very basic that a four year old could play.(Note I am recommending this game based on my experience as a customer only.) https://www.amazon.com/CASHFLOW-Exclusive-Message-Robert-Kiyosaki/dp/B0002R5IKS
Let me know in the comments below what you do with your children to help them with the basis of having a young savers mindset? Have you tried any of the tips above? If so what worked or didn’t work? Thank you for reading and have a great day!!
¡MUCHAS GRACIAS! SHAUNA