
When we were young, my parents would take us to annual chariot festivals. I remember, the most attractive little things on sale were brightly painted clay piggy banks. The rustic looks of the piggy banks attracted me, and I could not wait to drop a coin in and begin my saving habit.
In most Indian households, women tuck away money, a few notes in a secret place of their own. It comes in handy when they fall short of money or their savings just get bigger by the months and years.
Saving money, as a fun habit must be inculcated in children; leading to a good lesson to learn and enjoy.
Here are 5 good habits of saving that can lead to great bank balances.
- Start the saving habit in your children as early as you can.
Talk to your children about the importance of dropping a coin in the piggy bank; that every coin dropped in adds to the savings and each coin, like a little drop of water, makes a mighty ocean.
More than anything else, bring in the fun aspect with this habit. The sound of the first clank of a coin in the piggy bank becomes lesser and lesser as money begins to fill the piggy’s belly. The lesser the sound more the money! ‘Catch them young’ must be the motto.
“The first step to teaching your kids how to handle money is being a good example.” — Dave Ramsey
Children watch you and learn, so take the lead.
Children quite often emulate their parents. You are who they watch and learn from. So, you as a parent must have your own jar to fill, which your child observes. Make sure you do not make this a competition. It is a game both of you win. Let them understand that something bigger and happier is happening when a coin is dropped in their piggy banks.
Talk to children about how on some occasions, people give gifts, which can even be money.
Also, introduce the concept of sharing here. It is a give and take exercise.

Let them find excitement in target setting.
As your children grow, their curiosity grows too. Some are fascinated with flowers, some with dolls, some with cars and just about everything excites some. Connect the toy or game they wish to have with the money in their piggy banks. Play a game with them and tell them, the heavier the piggy gets the more the money in its belly — and yes, they are closer to buying the car or doll they so want.
So, filling the piggy bank and guessing its weight becomes an exciting game and then comes the final ‘break the piggy’ game where the coins come spilling out. Now, before they grab all the coins and run to the store to buy the car, let them know how important is to put a hand full of coins back in the new piggy’s belly — so then it is a habit-forming mechanism that stimulates them too.
As your children grow, teach them about banks.
Banking habits can be formed early in life. Open minor accounts in banks and guide your children on what a bank does for people and how it safeguards money. Also, tell them about how money can multiply in a bank.
Make bank visits fun. Banking lessons, along with story-telling sessions can be a great learning tool for children.
Introduce personalities who can be inspiring to children and explain how money has made a difference not only in their lives but how their savings have helped in the larger good of communities they associate with.
Coupled with banking lessons, parents must be conscious about the added values taught. Reinforce saving habits with some messages:
· Saving is fun and it makes me happy.
· I love to save.
· I’m saving for my dream car.
· Yay, I’ve opened my bank account.
“A penny saved is a penny earned.” — Benjamin Franklin
When it is time, tell your child the value of a penny earned.
Children can begin with doing some duties or tasks at home that help them earn. They must be taught that all the money earned cannot be spent. Along with the money they earn you could give them an allowance. Tell them it is important to know ‘money and the choice to spend or save should be balanced’.
Teach them the skill of making good choices.
Allow them think and understand — do not think for them, instead think of ways by which you can make them ponder and probe, ask questions and gather valuable lessons.
They must be able to appreciate that good habits lead to happy living.