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Children
usually want to spend money they receive immediately. As parents, you
need to teach them how to save money. Although it is not an easy task,
you may have to tell them the benefits of a saving culture in
exaggerated ways
Envelope or jar technique
Let your child make a daily habit of
keeping money aside in a jar or an envelope from their pocket money.
Target a percentage, for instance, 10 or five percent. A child who gets
N100 as pocket money can save N10 each time the money is given to him.
They could have two jars, one containing savings for long term goals and
another for short term goals.