7 steps to help your child save for a dream

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Independently acquired a desirable thing would be appreciated by a child are much higher than donated. How to help your child to accumulate the required amount?

Children have a lot of material requirementsWhich do not belong to the basic: a new phone, fashionable clothes, various gadgets, toys, accessories, etc. Much of this buying parents. But also for adults, and the child himself wants him to feel more independent and learned to manage money. Because this skill is not innate, it will take advice from the parents.

Here are some steps to help the child to turn the pocket in an amount sufficient to realize the dream.

1. Make a budget and financial plan for the child. Please make the monthly revenue that it receives from the pocket money, gifts, part. As well as the cost - for fun with friends, gift them for birthdays, etc.

If the child had not thought about how to make extra money money - that careful planning will encourage him to do so. After all, it is clearly seen that the new console can be accumulated for the year, if almost everything this year not to spend money - or a few months, if some money.

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2. Teach keep track of costs. Tell us why and how to record all your expenses, even small, and then to analyze - it needed another pack of sweets - or the money could go to the expense of future large purchases. Like adults, children often do not notice how much money "descend" to nowhere. And therefore wondered how they could be advantageous to use, if a little wait and save.

3. Put a clear goal. If there is a specific purpose, which is to save a child - then do it would be virtually impossible, because often it is tempting to spend money on something here and now, not sometime later. Decide what the child wants, for example, what brand of bike, or a phone model, or shoes, check the price.

Print the image of the desired object, and hang in a prominent place in the child's room. you can hang up table in which periodically writes under a picture of how much has accumulated and how much is left, so the promotion and the approach of the target will be clearer, and therefore the motivation - stronger.

4. Open an account for children's savings or to set up a separate envelope. To withdraw money from the account is more difficult than to take out of the envelope, because there they will be securely stored. But it is important that the account had access to it in a child, and not only you, if there deposited his pocket money. After all, if tomorrow he decides that he no longer wants those shoes or that bike - it should not have to beg him to return the money.

5. Help your child find a source of additional income. It can perform your additional instructions (for example, to send and pick up parcels, look after younger children, fill the site, look for some information, organize things, etc.), help your friends or acquaintances with some simple work. When a child will understand how much time you need to spend in order to earn some money, then another look at it to quickly "pull" them into momentary whim.

6. Do not blame the child for spending or saving the backlog of the schedule. It is better to show by example how you something currently denied and saved somewhere, then to buy an expensive thing.

Show clearly, as part of your earnings immediately after its receipt is sent to the deposit patterned monthly payments, etc. Draw a diagram of what constitutes income and your family's expenses, which are not obvious baby things and services you have splurge. Financial literacy is brought primarily on the right of parents example.

7. When the goal is reached, be sure to take a picture happy child with his purchase, print and complete the frame. It will be a great motivation to further accumulation and proper management of personal finances.

You will be interested to know Financial education major mistakes that parents make.

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