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Explaining Savings to Children

Explaining Savings to Children
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Saving For the Future

Saving for the future can often be a challenging concept for children to make sense of; given that they’re not on the career ladder yet, so the idea of putting money away for a later date may seem confusing or even unnecessary. Like many financial topics, there’s huge advantages to learning these valuable lessons early in order to enjoy future benefits.

Talking about money can help children understand the choices adults have to make about spending and what we need money for – the difference between ‘needs’ and ‘wants’. Pocket money can give a sense of responsibility and it’s a good idea to make sure children have a safe place to keep money, try getting them a purse or a wallet, or even a prefunded debit card and explain why it’s important to keep money safe.

How to Introduce Savings

Introduce savings by talking about what your child could buy with their money as it starts to grow. Would they like to get that teddy bear or save for something bigger and better? Use counting to visually show their money increasing.

At Haven Global Strategies Limited we are able to assist with a range of savings plans for you and your children and can help them to better understand the long term value of being sensible with their money.

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