Financial education is one of the most important aspects of raising children, and perhaps the process of saving money is the backbone of raising a financially independent child and because of that, attention must be given to teaching children how to be independent, and then how to save money away from the many lures of buying.
Saving money is a habit that can take a long time to learn, and even some adults have not yet learned it. The first step to teaching children the value of saving is the key to help them distinguish between needs and luxuries.
Experts stress the necessity of starting to educate children or teenagers at an early age, either directly or through the accreditation of specialists in this field, in order to avoid losing time and money before knowing the importance of saving.
As many people treat the issue of saving as an exception, it should actually be one of the basics of income distribution or monthly salary. Some rely on the basis of income distribution of 50 per cent for basic fixed expenses such as bills and rent, 30 per cent for non-fixed expenses or lifestyle and luxury, and 20 per cent for saving and planning for the future.
The culture of saving is a system for improving the quality of life. Instilling the culture and principle of saving in children from a young age and providing advice and support to them represents the beginning of securing their future and training them to apply the concept of financial management in their lives in future.
A person begins to learn about money and how to deal with it from childhood, so the child must be directed to the best way to deal with money. The child’s expense is considered the best way to start teaching him or her how to manage money because this will come from personal pocket money.
The child’s personal expenses is a field for psychological and educational training and practical training on the community’s ethics of giving. The benefit that the child derives from the expenses will make him feel independent from a young age and discover and feel for himself the meaning of the value of saving. The child must be trained early on how to use the money in order to feel comfortable, self-reliant and independence to develop his or her strength of character.
Also, when a children start school, it is the best time to start teaching them how to use money and manage their personal expenses. This usually begins at the age of five to six years. Increasing the child’s expenses after separate periods and according to his cognitive and age progress is one of the things that raises his morale and enhances his self-confidence.
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