Saving is one of the most critical aspects of building a solid financial foundation. However, many of us need to pay more attention to the importance of savings. The practice of savings encourages more people to save from an early age. Therefore, parents play an essential role in educating their children to save. Here are some tips for you to educate your little ones:
1. Gift an Attractive Piggy Bank
Various types of piggy banks are available in the market. Gift a piggy bank that can capture children's interest, such as their favorite cartoon character. It will make them more enthusiastic about saving. Also, you need to explain to them the benefits of saving for the future.
2. Set Savings Goals
It is common for children to spend their money on toys, clothes, or their favorite food. As a parent, this is the best time for you to teach your children to save. Teach them to save money if they want to buy something. This way, children will appreciate the items they purchase more because they use their saved money.
3. Offer Rewards
If your children are hesitant to save some money, you opt to offer rewards. By doing this, your child will slowly open up to save at least RM20 per week or month. When your child has successfully saved RM20, you can reward them with RM10 as an incentive to keep them saving for the next month.
4. Open a Savings Account
When your child's piggy bank is full, take them to open a savings account. Various savings accounts offer different benefits to savers. For example, you can ask your children to calculate how much money they will deposit so that they know how much money they have. It may also increase their motivation to continue saving.
In conclusion, it all starts with parents. Parents can only expect their children to save if they practice this habit.
Simpan SSPN Prime and Simpan SSPN Plus accounts can now be opened, and savings can be added through the myPTPTN app.
Download myPTPTN, CLICK HERE
