Have you ever wondered why some adults find it hard to save money?
Although there are a lot of possible reasons, it boils down to one major fact -their inability to save is because they did not learn the habit of saving from an early age. Habits that develop in childhood can last for a lifetime.
Parents should understand that, as children, this is their chance to start the right habit towards saving so that their future will be secured. This way when they get older, you would have formed the right mindset and practice and won’t have to struggle to teach them how to save money.
Is saving important?
Your child may be wondering, “Why is it important for me to save at all? I’m still very young and I don’t even have a job yet.” The truth is every moment counts. Even as they enjoy being children, they should also be aware that the things they do now – both the good and the bad – can determine the person they will become in future.
That’s why parents should encourage their children to study hard, have good conduct, stay away from bad company, be creative, and pursue your dreams. So, they can also start to save today and in turn, save their future.
I have made a list of essential reasons why parents should encourage saving habit in their children.
Reasons why children should save money
Saving helps them to be self-reliant
It is understood that parents take care of their children’s’ needs. However, your child may want to take care of some expenses and won’t want to bother you. This can only be possible if they have savings they can dip into.
It allows them to develop independence which means they can take care of themselves even without adult supervision.
Saving can make your child feel good
Have you ever gotten an award or a prize before? How did you feel? Good, right? When you learn to save money and you are consistent with it, you will feel happy, like running a race and reaching the finish line.
Money doesn’t need to guarantee happiness, it’s because you did something good for yourself and that’s a reason to feel good. You know that your child is building a life-long habit and developing character by doing something at a young age that most adults still struggle to do.
Saving allows your child to help other people
Money cannot solve every problem but it can solve many problems. Take, for instance, if their friend does not have money to buy a book, they can lend him/her some money from their savings to support in buying the book.
Not just friends, but also family members also. No matter how little you give to somebody in a time of need, it makes a lot of difference and they will appreciate you for it.
Saving leads to financial freedom
It is not too late to start planning for the future. Some people that are very successful in their careers started working towards it from a young age.
If you start now to encourage saving and make your child continue to practice it, they will have the benefits of enjoying financial freedom in future.
Saving teaches self-discipline
Do you have something that you know you shouldn’t be doing but can’t control yourself? Do you know when you save money, you are also practising a form of self-control?
Saving money means that you are forsaking the pleasures of today for the pleasures that you can get in the future. Learning how to control desires and impulses is not easy and some people do it better than others.
Some adults struggle to save because they did not make it a habit from an early age. Your child is not too young to start save money so don’t let anyone discourage you because their future depends on it.