Teach to Attempt at Earning Money Themselves – One is not advising children to go and look for part-time job or anything. This highlights the fact that saving money and spending it wisely from an early age is going to become a very good habit as an adult. When kids will learn that money is hard to ear but moderately easy to save, they themselves will ask their parents about what they want to do with their share of money. This is again a tricky area and needs to be dealt with patience. Remember, kids will not listen to you in the first go. Be patient, make them learn using terms they are comfortable with and never forget that this takes time. Never expect overnight results.

Give Them Pocket Money – Getting pocket money from parents almost feels like the birth-right of kids these days. Having a weekly or monthly piggy bank account is what we have grown up seeing. Our kids will learn from the same way. Make saving money fun by asking them in what kind of piggy bank they would want to save their money. Gone are the days when one had to crack open one’s favourite money pig and cry over the trusted friend. One advantage of plastic and technology are the new age piggy banks. These banks need not be broken. Moreover, these days, banks are more than just piggies but other animals as well. So, go ahead and give kids their pocket money and fun ways of stashing it away.

Have an Expenditure Log – Always remember to ‘cut your cloth according to you size.’ The same goes for children as well. Kids must be taught to save more money than spend it but not become a miser either. Having a daily or weekly log to record one’s expenditures will make one aware of how much is being spent on what. When one knows where money is going, one can do something about it. Buy kids colourful diaries and note-books to make this irksome task fun. Remember, making things fun is the only way kids will learn. After all, look at how many of us still remember our nursery rhymes because they were taught in a fun manner.

Having a Savings Account – It is never too early to open a savings account for children. Though they operate their accounts only after 10 years of age, having a savings account early will never hurt. Moreover, it can act as a good ID proof as well. LIC’s Komal Jeevan Policy and Jeevan Ankur Plans might bring in good investment for it but they benefit our children just as much. Do remember that having such policies help kids to know the value of saving money in productive ways.