Teaching the money saving strategies to kids

I have received an excellent thought from Globalitious regarding the requirement of teaching the money saving strategies to kids. I thought it would be nice if I could share his points for my blog readers.

You can read the original comment which Globalitious has made under my article 5 practical child savings ideas.

As per his tips, it is a better idea to teach kids about the money saving strategies to block them from any habit of wasting money for unnecessary things.

1. It is a better idea to give a small allowance per week to our kids as long as they earn it with good behavior, chores, grades etc. Because of having required money in there hand, we are thus preventing them by possibly committing anything wrong to get money.2. Teach the kids to use the above allowance for pay the things so that they don’t get used to credit cards or freebies (particularly from parents). This will put them to safe side later from having the dangerous habit of using credit cards unnecessarily and related bad debt burdens.3. It is a best advice, give them a pre-paid cell phone with limited access. Giving a pre-paid cell phone add more securities on them. It is required to teach them how to use it properly and proper time and let them know the limitation of calls because it’s pre-paid nature. This would limit them from making unnecessary calls.4. Give them a monthly allowance enough to re-charge their pre-paid connection. Parents should confirm that he or she using such money for the right purpose and not spending wrongly.5. It is required to have the kid set aside some money every month for the purpose of buying gifts for birthdays, holidays, grandparents, teachers, charity etc. Teaching the requirement of charity will enable him to grow as a good citizen with humanity.

As their first teachers, each parents should teach their kids to build good qualities along with saving habits. Let the kids aware about the importance of sharing and giving back. Teaching to build good qualities will shape them to true citizens.

I would like to express my sincere thanks to Globalitious for his nice tips. Unfortunately there is no links available to contact him. Even though, this is the first time, I am posting an article based on a comment in my blog and all this credit going to Globalitious