To take advantage of the holidays and promote financial education in children, there are various options and not just limiting yourself to saving money in a piggy bank.
According to the Financial Doctor of Mibanco, a Credicorp Group company, there are five alternatives that can be used with small ones.
Teach them patience and perseverance
Just as it is done with the piggy bank, the best way to learn to be patient and perseverance is showing them that the more money they collect, the closer they are to reaching a goal.
Another strategy is to put down a set amount of regular money and show how those savings add up over time. So you can show that with the sum of your savings they can get something they couldn’t have from day one.
In the process of growing and learning it is important to recognize and celebrate children’s milestones and achievements, especially if they are financial.
This will encourage them to continue meeting their goals, but they also wear out that their effort has had a value.
set financial goals
Beyond teaching that keeping coins and bills, In this way, you can help them understand the meaning of saving.
When setting a goal and a route to obtain it in the short, medium or long term, it is more important when setting a habit.
Remember that it is important to make him feel that each goal he sets for himself is achievable.
A good way to show them this is to ask them to save for something they want right now and Once the objective is achieved, materialize it.
The savings pig is a good way, according to experts, to educate children in good money management and thus avoid future crises.
Assign a weekly or daily minimum
To apply the above points, consider setting a weekly rate.
This would give you an opportunity to learn how to manage your money and make decisions about how to save or spend it.
Remember that on the path of learning always it must be accompanied by a recurring practice.
Differences between tastes and needs
It is very important to explain to the little ones the difference between what they want and what they really need in their day to day.
One way to develop this distinction is by using dynamics that make children choose between their needs and tastes.
For example, you can do activities with products that are used daily and ask them if they can substitute something else or if they really need them.
Or when you go shopping, ask if what you are going to buy is necessary or just a convenience. This will also help make you more aware of your own spending.
Before carrying out these dynamics, it is important to remember that needs are those basic elements for our well-being and that desires are those elements that provide us with comfort or entertainment.
set an example
The last piece of advice is perhaps the most important, for children the most important thing is to set an example. Show them how to budget, save, and keep pledges with your own personal finances.
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