It is important that parents educate their children on the value of money, savings and banking. Here are some important tips for you:
• Parents set good examples – Children learn from their parent’s behavior and attitude towards money. While you are shopping take the time out to compare prices and explain to your children the benefits of saving money. Teach your children to count and handle money and set savings targets for toys or games that they want to buy.
• Involve your children in your family’s financial decisions - Parents should encourage their children to take part in family discussions about family outings and shopping trips and how to save some money on these trips. Parents should listen to their children’s opinions, not only will it make them feel grown up, it will also make them feel that they have a responsibility towards family finances and savings.
• Support kids to experience working – Household chores should be encouraged and rewarded. Making the bed, washing the dishes and sweeping the floor can be rewarded each week with a little pocket money. The more chores they do the more money they can earn.
• Let them manage their money – Giving pocket money each week or month will also teach children to budget. If your child would like to buy a toy, discuss whether they will have enough money to spend and how much they will have left until they next receive their pocket money payment.
• Learn from daily life activities – As parents you use debit cards, credit cards, ATM machines and a host of other banking facilities both inside and outside the branch almost daily. A great way to teach your children about banking is to simply just show them. If you are going to the local branch to deposit money take your children and explain what you are doing. The best way to learn is to see it with their own eyes.
• Teach the kids about giving and sharing. - Not everyone is lucky enough to have money and sometimes it is nice to help others who are less fortunate than us.
• Open up a new bank account – The easiest way to teach your child about saving is to open up a Bangkok Bank savings account. It’s great to see the smile on your child’s face once they see their very own savings grow.
