Tips for Child Savings

Hyderabad Oct 21: Generally parents don't give money to children citing reasons such as they spend unnecessary, but experts say that it is better to hand over some money to children so that they learn the habit of saving.They have also suggested some tips that parents should follow to teach the children.

# Open bank Account
Currently, many banks are offering accounts for children above so that people can open the account in the name of children and ask them to deposit some amount in the account so that they have an idea of the banking system and its uses which would be useful in future.

For small children buy some kiddy banks and ask them to deposit change in them so that they can use it in future.

# Reward performance
Try to encourage your children by giving some cash when they excel in any field or perform well in studies.This habit ensures that children feel happy and they would feel more excited to work more for rewards.

# Counselling
Don't just scold children if they spend money in an unscrupulous way but explain them the basic differences between needs and desires and urge them to maintain a diary of their expenses so that unnecessary spending can be avoided.

Finally, children from parents so make sure that you spend in a proper manner so that children can learn financial discipline.