The Power Of Saving Money At An Early Age

It’s true that some people may not have known the value of saving money from a young age, while others may have neglected building that virtue in their kids from a young age because they just didn’t think it was important.

Well, I can’t blame it all on most parents or kids especially those who had barely little to eat, but as a parent who earns quite a handful monthly or weekly, and you know your kids get some ridiculous amount as stipends, you might want to read this article to the end.

I’m not writing now to people who are already adults yet have nothing to show off, this article isn’t for you because I don’t want you to regret that you didn’t save up from childhood, it’s water under the bridge now.

However, as a parent, you might want to start now to teach your little princesses and princes to save for the future.

What’s The Power Of Saving Money At An Early Age?

Funny how this is underrated, but I’ve seen kids who began saving from tender ages and now have so much despite only being teenagers and I’ve seen adults who saved up nothing and you don’t want to know what happened later in their lives.

1. Gives Kids A Sense Of Responsibility

I recall as a kid that I wanted so badly to be a responsible adult but that doesn’t mean that I saved, I didn’t but I was only intrigued by adults’ ability to pay their bills. A kid who knows how nice it is to afford a pair of socks without throwing tantrums at adults will begin to save in order to keep doing that.

2. It Teaches Kids The Value Of Money

Most kids and even adults only think money is for spending, they haven’t quite understood the power of investment, that we need money to make more money to end, some kids only buy endless junk or toys they might not use again once they clock teenage ages. Saving from a young age will teach kids that one dollar bill can generate ten dollar bills if they understand the rudiment of investment.

3.  Teaches Kids To Save For Emergency

Sometimes things don’t go as planned, accidents happen, and a loved one gets in trouble which is really not a kid’s cup of coffee but the earlier kids learn to save up for unprecedented happenings, the better and happier they’ll be as they grow older.

4. Makes Them Independent And Self Reliant

I know some people may argue that kids are supposed to be dependent, true but from what age do they learn that they can’t always have what they want to be provided by their caregivers if not now?

There’s this feeling of boldness and independence that comes with knowing you have some cool cash in your name. Saving early helps kids learn to be independent so that even when they are away from their parents, they can still stand on their own.

5. They’ll Never Be Debtors

One of the powers of saving from a young age is that you will never learn to beg or lend money from others because you’ll always have what to fall back to. In the adult world, lending money from people comes with its ups and downs, insults and humiliations, some kids will escape that if they start saving up now.

6. You Can Afford The Good Things Of Life

It doesn’t hurt to be able to afford the things you need without having to break open your piggyvest, some adults can’t and it’s often frustrating. The ability to afford the lifestyle you wish to live is one of the happiest feelings in the world and you don’t want to miss that, and you can have it. Good thing this is one of the powers of saving from an early age.