CONNECTOR.AE 30 CONNECTOR.AE 31 KIDS AND EDUCATION KIDS AND EDUCATION child while using the app, discuss choices made, and guide them through mistakes or successes 5. Introduce the concept of delayed gratification: Saving money also helps build emotional intelligence and resilience. When your child wants a toy, suggest saving for it over a few weeks rather than buying it immediately. Create a savings chart or countdown calendar to build excitement and motivation. When they reach their goal, make the purchase an event. These will show your child that patience pays off and hard work leads to greater satisfaction. 6. Encourage judicious spending fromsavings: Allowing children to make small purchases from their own savings teaches them to weigh choices and gives them a sense of control. If a purchase doesn’t meet expectations, it becomes a learning experience. 7. Cultivating life lessons: At local souks or malls, encourage your child to bring their savings, helping them decide if a desired item is worth it or if they’d prefer to save for something else. Also encourage charitable 1. Set up a clear jar or savings box: Instead of a digital bank account right away, use a transparent jar or labelled containers to physically show savings grow. Divide it into sections such as a savings jar, spending jar, and sharing jar to introduce basic money allocation principles. Children are more likely to understand the value of saving when they can literally see it accumulate. 2. Introduce a simple allowance system: Set a small, regular allowance with a few rules. For example, a portion must go into savings, another into spending, and a third into charitable giving. Make the rules consistent and talk through the reasoning behind each division. 3. Lead by example: Children mirror what they see. If your own financial habits include impulse spending or avoiding discussions around money, they’ll pick up on that. Use your own budgeting practices as teaching moments. Let your children see you resisting unnecessary purchases. Talk openly about saving up for family holidays or big purchases, and discuss trade-offs you make to prioritise certain goals over others. 4. Use technology wisely: As your child grows older, move from physical to digital tools. There are several apps tailored to younger users that simulate banking and allow parents to oversee activities. Apps like RoosterMoney or Gimi help children track their savings, assign goals, and make virtual spending decisions. However, digital tools are only effective when supported by conversations. Sit with your edge in navigating the future with confidence, independence, and a healthy relationship with money. Nurturing the habit of saving is also a way to instil values of honesty, patience, compassion and ambition. You’re not just teaching your child how to dream big, but more precisely, how to dream more realistically and turn them into realities. giving as part of savings goals. Involve your child in choosing a cause, fostering empathy and broader financial awareness. Lasting Benefits Teaching children to save is a powerful gift as it equips them not just for the first big purchase, but for a lifetime of thoughtful financial choices. Children who master these lessons have an
RkJQdWJsaXNoZXIy MzU4NjA=