Tips For Saving As A Family

Within the family it is very important that unity and teamwork develop.  This strengthens family ties and helps the youngest to develop positively. Saving as a family is a great idea that can provide a good education for the little ones while protecting the family’s financial future.

However, in order to effectively instill the value of saving in our children, we obviously have to start ourselves. We cannot pretend to teach one thing and with our example show a very different one. Let us remember that our children will imitate what we do, much sooner than what we say.

Advantages of saving as a family

Note that there is a difference between saving as a family and what, in economics, is known as: family saving. The first refers to the simple voluntary act in which a family decides to save in a single account to cover immediate or certain family expenses.

Instead, family savings simply refers to the difference between the monthly income and the expenses that a family makes in that same time. Let’s see then what are the advantages of saving as a family:

• Saving part of the family income allows the formation of capital, which in the future will give the option of acquiring family assets.
• In the case of children, it helps them develop good saving habits.
• It allows the family unit, when developing objectives and goals together.
• It helps family members to strengthen the feeling of belonging to a group, which is essential for the proper social development of the youngest.
• With family savings, each member will make an effort to comply with the other elements of savings, which are the budget and reduction of expenses.

During the children’s childhood, the capital that can be saved will come directly from the provider (s). However, it is valid that it comes indirectly through the children saving what is allocated to them as allowance to go to school, for example. The idea in this case is to develop the habit in the youngest.

Tips for saving as a family

Let us remember that, during the duration of saving, one of the intrinsic objectives is to be able to cultivate a good saving habit among family members. For this, clear rules, objectives and goals must be established in the short, medium and long term.

Apart from that we seek the satisfaction of, in the future, being able to invest in a good or service that benefits the whole family. But where to start? Well, take note of these practical tips for saving as a family.

Encourage them from an early age

It involves the little ones in a simple way depending on their age.   The youngest of the house will enjoy saving in a piggy bank. Encourage them, if applicable, to deposit the coins they accumulate during the day there.

There are many bank agencies and credit unions that set up accounts for children, managed by their parents. If the little ones are of school age, they can benefit from these types of accounts. It must be exciting for them to have their own notebook and see their savings grow as they contribute.

Set goals to save as a family

It is important that you, as a family, come together to develop a savings plan. This is basically done by answering questions like:

• What are our savings goals?
• How much money do we spend to meet these goals?
• How long will it take to raise the money to meet these goals?
• How much should we save per week or month?

Create a savings plan together

Remember that family savings are those that correspond to the parents. But,  when saving as a family, we involve all members. As you would with family savings, to save as a family it is good to develop a savings plan. For this, we ask ourselves the following questions:

• Why do we need to save in the family?
• What needs are there in the family and what are the most immediate?
• What are our short, medium or long term goals?

Let’s make agreements to reduce expenses

All the tips on saving resources and energy apply to both parents and children, obviously in different ways. For example, they can all help reduce energy consumption, or things as simple as eating all the food on your plate. If we go to the supermarket together, keep a list and stick to it, even if this is difficult for the little ones.

We invite you to put these tips into practice to save as a family and in this way forge a more stable financial future. Save, reduce expenses and generate changes.