Happy Children’s Day!
Special treats and gifts are second nature to children and so much more so on Children’s Day. They expect to be pampered and shown some extra care. Beyond the treats, the day could serve as opportunity to teach them important life skills.
For instance, it is never too early to start them on the journey to a great savings and spending culture. In the past, parents would buy a kolo, piggy bank or the proverbial “Mummy will keep it for you!” however, with this generation of digital natives and tech savvy children, a new way of keeping the money from Grandma is preferred.
As a parent, today is a good day to begin conversations with your child about savings and the value of the concept of delayed gratification, to prepare for the future, and most importantly appreciate the value of saving to earn a special treat as reward for themselves – as a start for a treat they would love to have at the next Children’s Day.
To get them started, here are a few tips:
1. Discuss wants and needs: A good place to begin this conversation is to help them distinguish between wants and needs. Your child needs to understand priorities and things that are okay but not necessary. Explain what the priorities are e.g., School, Food, Shelter, Healthcare. Wants are simply the extras, like the movie tickets, the gifts, the candies which they can save towards and earn at a later date.
2. Help them earn: Now that your child understands what needs are – which basically should be covered by you as a parent – and wants are and can distinguish them, the next concept to make clear to them is EARNING. It would be good to help them earn some money to cover up for those wants. For instance, you could institute a reward system that allows them to earn in exchange for certain chores that you allocate to them. This way they are not just earning but also learning the value of their hard work.
3. Teach delayed gratification: Aside having a good knowledge about savings, another fundamental lesson is delayed gratification. That is the ability to resist a present urge in the hope of obtaining something more valuable in the future. You can start by asking what they would love for next year’s Children’s day and then encourage them to save towards it. That way you are helping your child develop self-control.
4. Provide a platform to save: It’s one thing to discuss saving with your child and another to provide him/her with a place to save their money. Interestingly there are a variety of means and place they can save on. 9PSB readily comes to mind. With its 9raSave feature, your child can save and watch their money grow. They see how their savings are adding up and how much progress they are making towards their goals. To get your child started, simply download the 9PSB app to sign up to an awesome savings experience.
5. Walk the talk: Just as important as the lessons you have given to your child on savings. It is important that your child sees you mirror what has been taught. You can’t be an impulsive buyer who lacks self-control. That will be sending mixed messages to them. Get them involved in your financial transactions. You can start by also opening a 9PSB account for all your transactions and get them to watch you make those transactions and savings.
This way, you and your child are aligned and signed up on the same platform to achieve your saving goal. So when next you are signed on to your 9PSB account, make it a teachable moment for your child.
To sign up on 9PSB, simply dial *990# from any network or download the 9PSB mobile app from any iOS or android device. You can also visit the 9PSB website or visit any of the 9PSB agent close to you to get started.
Again, Happy Children’s Day to all children and the child in every adult!