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  • Category: Miscellaneous

    Teach the concept of savings to the children

    These days I feel many people are not having the habit of saving money for tomorrow. Whatever they are earning they are spending and some young people say why should we not enjoy life with the money we earned thinking of tomorrow.

    Our elders used to tell us many times the importance of Saving. We don't what emergency will come or what problem we may face which require some money. If there is no saving under such conditions we may have to run here and there for the money. Instead of that, we reserve some earnings towards savings every month that amount will come in handy and we need not run here and there. So it is good to save some money always.

    This concept should be taught to the children from their early age. Earlier I used to see Kiddy bank where children can save some money in that and once it is filled they can go to bank and deposit in their account. But I am seeing such activity these days. The parents should see that their kids will start saving money so that it will become a habit to them.

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  • #702270
    I agree with the author to encourage children for saving money.

    However, savings in bank is no more relevant now a days because the whole banking system and reliability is rather precarious. I tend to deposit money in banks upto a certain amount and the large amount should be invested in land because after a few months rates of land go up- quite enormously comparing to what a bank returns against total savings.

  • #702277
    Very true. As author mentioned above, definitely we should develop this habit from early age. I have seen many people In my life who never cared about money and finally they had to repent for this. Today, young generation don't understand the value of money. They want to spent money lavishly for enjoyment. But earlier people was not like that. They believed in saving money for up and down of life. They used to spent money genuinely because of joint family. Now, Most of the family are nuclear family. So childrens are very pampering to their parents. Whenever they demand for anything then fulfilled by them in no time. So,how can children understand the value of money? It is parents responsibility to make understand them the importance of saving. Right from childhood, it should be develop in children's habit.

  • #702292
    Generally parents pamper their children and spend money for whatever things they demand. On the contrary if they do not succumb to the demands of the children and instead ask them to save their pocket money it would be initially a blow to the children but once they learn the value of money, they would start saving it.
    Knowledge is power.

  • #702328
    The concept of saving is growing old as everyone wants to enjoy life and do not think about tomorrow. Many western countries have this type of living where they earn and enjoy. The concept of saving is not followed but there, they have social security and other aids that help them when they get old. In our country, we are not having social security, medi-claims, health cards, etc that may help us during an emergency and thus everyone needs to have a saving to help when in need. Many people do invest in LIC, mutual funds, insurance, etc but many do not bother about it as they feel, life is for enjoyment as who has seen tomorrow. We must teach our children the value of money and they should know that saving is required for a better living. Our children will watch us and learn from us and thus we have to practise saving.
    “The most important thing in life is to learn how to give out love, and to let it come in." — Morrie Schwartz

  • #702350
    Yes, saving is very important for a secure future and needs to be taught to our children that too at a young age. Once the habits are developed, it becomes difficult to make them understand about it. Things taught during childhood gives deeper impact than the things taught during a later stage. Apart from teaching, we should also follow the lesson of saving practically in our life as children learn from our activities and follow the same.

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  • #702358
    India is a country where people work hard in earning money and never waste money for unnecessary things. Our fore fathers taught us how we have to spend and save money for the future. Simply because of this attitude our country got saved in many economical crisis. But in the present generation youngsters are not inheriting such habit to save money. Like people of western countries where they earn money and spend it fully for their happiness is what the present young generation is following. So we have to make our young generation to learn the habit of saving from the childhood itself.

  • #702375
    Our kids watch our activities including the ways how we value our money. In the initial years of their upbringing, they are to be taught some lessions regarding the saving of money but once they attain the adolescent age, their decisions in regard to saving would change to positive one provided the attitudes of the parents are in the same lines.
    Lack of such preachings later turns to their heavy expenses and in some cases, they make heavy purchase through the credit cards and this turns later unmanageable.

  • #702418
    More than the parents, it would be ideal to teach the children through their class room lectures, in their class, about the necessity of saving money. They should be taught that 'Small drops make a big ocean'. I am sure, every school going children will try to save something in their piggy box.

    Still, I have a small box where I save some money regularly every month. At the end of the year, I open it and spend for the distribution of prizes to the winners of sports conducted by me in my village, during my temple festival.

    No life without Sun

  • #702424
    Savings is an essential habit to be imbibed by children and to be continued in adult life too.
    In many occasions I had emphasised and stated that it was my saving habit that saw me through all these years and because of which only I could maintain a steady and standard consistent life.
    To avoid repetition I invite your attention to my responses in the following threads.
    1. Inculcating savings habit a challenge and getting into good books of others is also great.
    2.Do you have the habit of saving money on daily basis ?
    I still keep the view that savings is an essential needed habit which will help us tide over financial emergencies and adverse situations.
    My response to the article Importance of Teaching your Child on Money Management and Savings also holds good in this regard.

    Savings is not only good for the individual and family, but to the nation also. It was the savings habit of Indians that helped us face smoothly the world financial crisis about a decade ago.

  • #704101
    Saving is very important. This is almost accepted by all. So we have to go on repeating this concept on the kids so that they will get habituated.
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