Geylang Bahru Money Lender
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Due to the number of lenders in Singapore, it can sometimes be a little scary when you think about trying to get a loan. You have no idea who to approach for this advice because most people will not let you know that they have taken on a loan.
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We have also included a small article about saving. Savings can help you to tide over tough periods. But its not easy to save when you have a lot of expenses. Here’s a simple guideline for you and your kids.
How to Teach Your Kids to Start Saving Early
We all want our kids to be responsible as soon as possible. And being serious and mature at money saving and spending is just one of those many things. Here’s how you can start making your kid more thoughtful about money matters and teaching them to save money.
Don’t Avoid Talking About Money
Are you a person who avoids talking about money matters in front of your child? Do you think your kid is too young to overhear what you and your spouse discuss related to money? If yes, then you may be wrong. If you want your child to be conscious about money and money-saving, you must talk more about your home’s budget, your income, homely expenses, financial liabilities, savings, and other money-related terms. It’s never too early to start discussing money with your kids. Take this logic one step further and resolve to speak openly about money with and around your kids. When you talk to your kids about money, it removes the mystery and helps them make smart choices. It might initially feel awkward, but don’t let your uneasiness cause you to miss opportunities to teach essential lessons. In other words, don’t make money a taboo topic.
Explain and Give Examples
Whatever you teach your children at their young age, those things will get imbibed in their brain, and they will remember those things for the rest of their lives. Just like how you explain your kids about various good and bad habits, talk to them about money matters too. Explain to them the importance of saving money. Explain to them how saving money in the early years of life will help them financially later. Outline the importance of saving and inculcate the habit. As a kid, the concept of saving money can be difficult to grasp. Hence, use the right motivating examples so that your kids understand the need for saving. You can share your life’s experience or give examples of key people who started from scratch and became big.
Buy Attractive Piggy Banks
As a part of inculcating the habit of saving, you must buy piggy banks for your kids. After all, they should have a place where they can put all their savings together. A piggy bank can be the starting point. And don’t just limit to any piggy bank or saving jar; opt for something attractive or cute. If your kid has a favourite cartoon character, look for a piggy bank of that character.
You can even pick their favourite colour if not character. Bringing something attractive or something that they love will encourage them to fill it quickly by putting in more money. Tell your kids that the goal is to fill up the piggy bank with dollars and coins, until there is no room. Illustrate that the piggy bank is for saving money for the future and that the more they save, the more their money will grow. When your kids really want the latest and greatest toy or a new action figure, let them know they will have to save up for it. Praise your kids for every penny saved. Every time your kid makes a deposit in his or her piggy bank or custodial bank account, give verbal praise.
Open a Bank Account
Soon, the piggy bank should change into a bank account as your child grows. That’s only if you want them to handle their own account. But if you think there’s time for that, you can handle the account on their behalf but let them know that their bank account does exist that they will get access to when they are extremely responsible. Once the piggy bank is full, take your child to the bank to open up a savings account for them.
Have them count how much money is going to be deposited, so they can have a physical understanding of how much money they have. It can provide a great source of motivation for your kids if they understand that their money will grow over time as long as they don’t touch it. Along with this, explain to them how banks function so that they are ready for banking and basic financial management concepts at the right time.
Use Age-Appropriate Spending and Saving Apps
You must be knowing that a lot of mobile applications are available that keep track of your money spending and saving habits. Likewise, there are a few mobile applications for the young ones as well. You can decide at what age you want your kids to use these applications. Some apps that you can consider getting include:
Greenlight – It is the world’s first smart debit card for kids that enables parents to pick the exact stores where their children can spend. Some features include instant loading, real-time notifications every time the kid uses the card, the ability to turn the card on and off instantly, and a change collection setting that lets parents keep their kids’ change.
iPiggiBank – It is a mobile money management app for kids aged six to 12. With a chore management feature that complements more traditional financial education modules, it’s designed for parents and educators alike.
Involve Them in Money Decisions
As your kids get older, involve them in grown-up financial choices. But of course, without using their input as the last word for any consequential decisions. Review their suggestions and let them pass only if they make real sense. Doing so will make them feel involved and also create a sense of responsibility as they know that their word can make or break your home’s financial situation. Eventually, when you give them your suggestions on how they can give better inputs, their inputs and ideas will become better. And then, you won’t have to put a lot of effort into reconsidering their inputs. Use financial discussions as teachable moments.
Make sure you practice what you preach to your child. You’re your kids’ most visible and important role model. So whatever you do, your kids will look up to you and follow your footsteps. Therefore, you too follow all these money-saving tips that are applicable for your age and employment. Set an example for your children that they can follow