How do you teach your toddler to save money?

Casandra Greer
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Various habits are formed at an early age. One of them is undoubtedly the attitude towards money and saving it. Usually, what we learn at home as children, we transfer to adult life. So how to teach your child to save money?

Setting a good example for your child is essential – after all, in the first years of life, the parents are the main source of knowledge. Therefore, it is worth to teach your child about money from the earliest age – what it is needed for, how to spend it wisely and how to save. We suggest how to properly convey this knowledge to your toddler.

Learning through play

When it comes to familiarizing your child with new knowledge, learning through play is undoubtedly the best method. It will be a nice time for a toddler, and additionally, he will gain a new skill from it. Therefore, if you want to teach your child about saving, start with games related to money. It will be great to use toy cash registers with plastic cash and tokens, which will familiarize the child with the idea of money and its exchange. If your child is a bit older, you can also play Monopoly or Eurobusiness with him. These are board games, which in a fun way will show how to handle money wisely and, in addition, will teach your child how to think quickly and logically.

Pocket money and “paychecks”

For children to learn the value of money well, they need to have the opportunity to actually manage it. Therefore, it is a good idea to give your toddler pocket money. You can also show your child that money is connected with work and give pocket money in the form of a “paycheck” for completed tasks. Agree, for example, that your child will get money for helping with household chores. However, avoid giving cash rewards for activities such as homework. Start by paying smaller amounts each week. If your child spends it all in a few days, he or she will have to wait until the next “payday” to indulge their cravings. Then sit down together and discuss which things were worth spending the money on and which were unnecessary. This will show the child that not every whim or pleasure is something worth spending money on. It is best to write down such arrangements.

Deferring pleasures and saving for a specific purpose

If you want to teach your toddler how to save pocket money or money from the “paycheck”, you can use the method of deferring pleasures. Teach your child that they can spend their allowance now, on small things, or put aside the money they receive to pay for a bigger pleasure, such as a more expensive toy they’ve always wanted. A traditional piggy bank will work great in this case. This is a great way to teach your child how to save and put money aside for a specific purpose. You can also give your child a personalized moneybox with his/her name and a written purpose. Thanks to this, he/she will be happy with every penny thrown inside. You can find such beautiful, personalized moneyboxes on https://swistakpakuje.pl/kategoria-produktu/oferta/skarbonki/skarbonki-dla-dzieci/. You can also introduce the rule of several days. If your child wants to buy something, let him think for 2 or 3 days whether he really wants to buy it. If after that time he is still sure, then he can do it.

Main photo: cottonbro/pexels.com

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