This document provides tips for parents to encourage their children to save money from a young age. It recommends starting around ages 3-4 by having children save money in a piggy bank and setting savings goals for items they want to purchase. As children get older, parents should teach them the importance of saving and spending wisely by taking them shopping and paying bills to understand budgeting. Proper money management skills are important life lessons that parents should guide their children on through their teenage years and beyond.

1. How to Encourage Your Kids to Save
Money
Website: http://moneychutney.com

2. Encouraging kids to save money is an important
thing parents should consider in their parenting
plan. Although, it is not easy to make your kids
learn all the money saving techniques, you can
at least teach them few basic things that can
make them disciplined money savers. The earlier
you start, the better off they will be in saving
and managing their finances.

3. Money management from young age is very important:
Unfortunately, money management is not taught in
schools and colleges. As a parent, it is your responsibility
to teach your kids about how to manage money, how to
save it and how to spend it. Start teaching money
management skills when your child reaches 5 or 6 years.
Majority of kids grow up without having knowledge on
money management, saving and investing. Hence, these
kids when they become adults start buying unnecessary
stuff and become financially unstable- they are more like
to get into debt. So, it is necessary that your child's
upbringing is done in the right manner, giving right
knowledge about money.

4. Let your kid start saving in piggy bank:
Start teaching your kid to save money in piggy
bank when he is 3-4 years old. This is one of the
easiest ways to teach kids about saving money.
Give small amount of money regularly to your
kid and make him save regularly. This inculcates
the habit of saving money. Also, kids enjoy
saving money in their own piggy banks.

5. Set goals:
Teach your child to set goals for saving. For instance, if
your child wants to buy a video game, toy or a bicycle,
you ask him to save money that he gets from you/your
spouse or any other family member and buy it on his
own.
Reward kids with non-monetary things:
Consider rewarding your kid for saving money. Much like
shopping stores that offer coupons and prizes, you can
offer prizes to your child. For instance, if your child
doesn't spend his saved amount for certain amount of
time, offer him a small reward or treat. Praise him so that
he is motivated to save money in future too.

6. Teach the importance:
As your kids are growing into teenagers, teach
them about the value of money. It is necessary
for them to know the importance of saving and
spending money wisely. Later, tell them the
reason behind parents going to work. They have
to understand that you have to pay money for
food, school fees, monthly bills, etc. Take your
child with you while you are going to shop for
groceries, pay for monthly bills, etc. Let them
know that you have prepared budget for
expenses and you will spend within that limit.

7. Saving money needs discipline and motivation. Being able to
save money is an important life skill, which the parents should
compulsorily teach their kids. Money management cannot be
learned in a day or two. It is a lifelong process. You need to
guide your kids on money matters till they are mature enough
to take their own decisions.
Money Chutney provides insightful articles on saving,
investing, budgeting and financial planning. These articles are
intended to provide knowledge and make people aware of
methods and techniques on personal finance, so they can use
it to better their financial situation. These personal finance
strategies are targeted towards educated middle class people
in India, who typically look for information on how to save
money.

8. For more information, please visit:
http://moneychutney.com