Childhood is a good stage of life to begin the long road of financial education. While we must take into account the limitations of their age, it should not be forgotten that children are able to absorb basic knowledge of the subject and adopt positive attitudes regarding money and its management.
That is why it is very important to teach children savings as part of their Development Assessment Form (แบบ ประเมิน พัฒนาการ ,which is the term in Thai), so that as they pass the years, they know how to manage their income well and have full control over their particular economy; that growing up will become your family economy.
Keys To Teach Children Savings
First of all, you have to teach children what saving is. In its most basic conception, saving is saving money for later use. Although, in reality, it is something a little different: manage money wisely and intelligently, because in the end, that “saved” money is going to be spent.
However, this is the first fundamental step to start children in financial education. If children learn to manage the money, they receive well (for example, from a weekly or monthly payment or allowance) and spend it upside down, and they will have a good basis for the future. The key to achieving this is to teach them that money is limited, just like income. Therefore, the weekly pay (in cases where this practice is used) should be insufficient for whims. Thus, for example, if a child wants a new toy, its value must be enough that he must “save” a few weeks before spending the money.
Children should value money as part of Early childhood development (พัฒนาการ เด็ก ปฐมวัย , which is the term in Thai) We can achieve this in many ways, and one of them is to explain to them well how parents earn money thanks to their effort and work. Adding the value of money to the concept that this is limited, we can begin to define budgets with children, so they always know what they are going to spend,