You just realized that it is time for your child to know the importance of saving but then he is older. If you taught him saving earlier, you will have no problems pointing out its importance by now but know that it is not yet too late. Regardless of the age, saving can still be done.

As your child grows, he needs more than goal charts and illustrations. He needs to know some basics of saving and what it can do to him. Here in Singapore, savings can take one far. You are there so you can guide him through it all. Here are some tips to encourage saving for your older kids:

• Open a savings account: The first thing that you need to teach him is the concept of interest. Explain that the interest can increase his funds and with steady return. The more he saves the more interest he can get. Now that you explained it, it is time that you open a savings account. There are different banks that offer high yield accounts and you need to decide which bank offers the most.
• Help prioritize: This is the easiest part but when mishandled your child can have conflict of interests. Let your child write the things that he wants to spend money on. The list may be long. This is the reason why he needs to prioritize. He cannot possibly buy all things. You can help him by making the list short. Prioritizing should be considered. Make sure to teach him the value of long-term goals. After prioritizing, your child can allocate amount to each of his goals.

• Let him make mistakes: It is kind of disappointing but sometimes, best lessons are extracted from bad or poor decisions. When your child is young, he will commit many financial mistakes leading to losses and the feelings won’t be great but that will teach him something at the end of the day. The lessons he will learn can change his type of thinking and it can serve him well in the long run.
• Talk about money: You can talk about money without discussing your salary in front of the child. When you talk about it, it is about discussing your arrangements and financial plans in the future. For example, discuss about saving for retirement. This can give your kids idea that savings is a lifelong endeavour and it is serious.
• Play games: There are plenty of games that can teach kids about important financial concepts. There are games that are not that hard to understand for example The Game of Life or Monopoly. It can teach children important money management and the significance of planning ahead.

It is crucial that you teach your child to save. Remember that saving is a significant step in preparation for financial responsibility which can lead to a secure future. You won’t go far if you just preach. You have to practice it as well so your child will know that you are also a patron. The point here is to set a good example and be consistent. When kids grow up, they will emulate your habits so better be a good one.    

It is very important that we teach our children the value of saving. Here in Singapore, people who learn to save at a young age went a long way. It is not easy to encourage children to save because they tend to see many things and the impulse is undeniable but it is important that we train them as early as possible.

Saving is no fun for some so the challenge here is how to make it enjoyable for your children. You just don’t tell them that they put all their money in a jar and expect to fill it without any explanation. Teaching children about saving should be in a way that they will understand it easily. You can teach simple tricks and as they grow old, you can impart different savings strategies.

Here are some tips on making saving fun for the children:

• Utilize different envelopes or jars: Adults are familiar with the “envelop budgeting system”. This kind of system can help us keep tabs with our spending by labelling it. Children can learn from this system too. For children, you can look for different envelopes or jars and label it according to their needs or wants. For example, in an envelope, cut out a picture of a particular toy. This will encourage the children to save. Envelopes andcontainers should not only contain the savings. It should also contain daily spending of the child and it should not go beyond that.
• Create savings goal chart: Now that you know what your child saves for, it is time that you help him figure out how and when he will get it. You can begin by making a goal chart. The chart can give him ideas of how many weeks it will take to get that particular toy. Do some calculations as much as possible. Do not forget to put the picture of the toy in the chart so he will be inspired every time he looks at it.

• Offer reward: When training your child, one common technique is offering rewards. The good news is that there are plenty of prizes that you can offer to the children. For example, to encourage saving more, give your kid small reward or treat. It can be in a form offood or video games. As long as it motivates the child, there will be no problem.
• Setting an example: This is always the most important thing that you can do as a parent. Setting a good example to your children will inspire them to move. Letting your child see you saving money is the best. Your child may even think that saving is normal.
• Matching the contribution: There are some agencies here that can match up your contributions. This is a good feeling, right? It is time that you use this strategy to inspire action. For example, if your child reached his target, you can match up and he will be too happy because it doubled.

Savings should be taught and learned as soon as possible. It can make a difference at the end of the day.