Teaching children about money has become essential in today’s rapidly evolving world. The earlier a youngster learns about financial responsibility, whether it be budgeting, saving, or spending responsibly, the more equipped they will be for adulthood.
Understanding the importance of money at a young age can greatly help youngsters in India, where saving is frequently emphasized by cultural beliefs. In addition to tools, strategies, and real-world examples that make saving enjoyable and fulfilling, this blog will discuss easy and doable methods Indian kids can begin saving money.
Why Is Savings Important for Children?
Like saplings, children grow stronger if you take care of them when they are young. When children are taught to save money early, they: Become prudent consumers Recognize the difference between needs and wants. Recognize the importance of diligence Create enduring financial habits. Saving money involves more than just keeping cash in a piggy bank; it also involves developing priorities, patience, and planning skill.
Indian Savings Practices andCulture India has a long history of saving money. Grandparents frequently invest in gold or put money aside in lockers. For their children, parents open Sukanya Samriddhi or PPF accounts. Even though old approaches have their merits, the children of today require financial education in a contemporary setting that is digital, visual, and simple to understand.
👶 Kid-Friendly Saving Ideas by Age To make it simple for parents to execute and fun for kids.
Let’s break down saving strategies by age groups so that it’s easy to implement for parents and enjoyable for children.
Money-Teaching Games:
Let’s break down saving strategies by age groups so that it’s easy to implement for parents and enjoyable for children.
Ages 5–8:
Learning BasicsAt this age, kids can understand small concepts like:
Piggy Bank Savings:
Give your child a cute piggy bank or a money jar. Encourage them to deposit birthday or festival money.Story Time with a Money Lesson: Use books like “The Berenstain Bears’ Trouble with Money” or Indian folktales about wise use of money.Games That Teach Money: Play pretend store, using fake money to help them learn counting and value.
2. Ages 9–12:
Earning and BudgetingThis is the right time to start introducing the concept of earning and spending.
Allowances:
Give them a weekly or monthly allowance. Let them manage it for snacks, stationery, or games.Saving Goals: Help them set small goals—like buying a cricket bat or a new puzzle—with their own money.
Indian Tip:
Introduce them to ₹1, ₹2, ₹5 coins and simple ideas like “saving for a toy.”
Ages 13–15:
Digital Exposure and Investment BasicsTeenagers are often curious about money and the digital world. Make use of that curiosity!Open a Minor Bank Account:
Banks like SBI, HDFC, and ICICI offer savings accounts for minors under parental supervision.
Digital UPI Learning:
Teach them how to responsibly use apps like Google Pay or PhonePe (under guidance).
Basic Investment Concepts:
Introduce ideas like Fixed Deposits (FDs), Recurring Deposits (RDs), or even mutual funds using apps like Groww (only as observation, not real investment).
Indian Tip:
Involve them in comparing gold rates, or ask them to help check discounts during online shopping to build awareness.
13 Years Old Children
Teenagers are often curious about money and the digital world. Make use of that curiosity!Open a Minor Bank Account: Banks like SBI, HDFC, and ICICI offer savings accounts for minors under parental supervision
.
Digital UPI Learning:
Under supervision, instruct students on how to utilize apps such as PhonePe or Google Pay properly.
Basic Investment Concepts:
Use Groww or similar apps to introduce concepts such as mutual funds, recurrent deposits, or fixed deposits (FDs) (just as observation, not real investment).
Indian Tip:
To raise awareness, allow children to assist in checking discounts when purchasing online or involve them in comparing gold rates.Kids’ Enchanting Savings Activities ,
Here are some tasks and exercises you can do at home to add excitement to saving:
1. 30-Day No Spending Challenge:
Take a 30 days spending challenge
2. The Rs. 10-a-Day Challenge:
Set a track everyday to save atleast Rs-10 from expenditure
4. Family Savings Jar:
Name of App:
- Age Group PiggyBank:
- Tracking pocket money from 7 to 12
- prepaid card 13+
- Fampay Money learning
Books That Teach Kids About Money Some great Indian and international books to teach money value
Teaching financial habits through stories and activities is a great way to build strong foundations. Here are three excellent books that make learning about money fun and easy for children:
1. Taru’s Money Book by Roopa PaiAge Group:
9+This engaging Indian book introduces children to the world of money—how it works, why we save, and how to spend wisely. It’s filled with relatable examples and desi flavor that Indian kids will enjoy.
2. Finance 101 for Kids by Walter AndalAge Group:
8–13A global favorite that explains the basics of budgeting, saving, interest, and money habits. It’s simple, clear, and perfect for kids just starting to think about money more seriously.
3. Smart Money Moves for Kids by Ravi SubramanianAge Group:
10–14Written by a bestselling Indian author, this book is fun, practical, and based in everyday Indian situations. It teaches kids about pocket money, banks, and how to make smart decisions.
Teach your child:
To give a portion in daan (donation) to temple, gurudwara, or a needy personTo avoid greed and understand the spiritual value of simplicityTo share what they have with cousins, friends, and neighborsThese values, combined with smart saving, create strong character.
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