Parents should take the initiative to teach their children about the differences between need and want. Usually, young people get enticed by everything. They have the habit of thinking that they will purchase everything.
Since children have immature brains, it is important to make them feel that saving money is like any game they love to play for fun. If they take saving as a sort of fun, then they will learn how to save money after mitigating all the essential expenses.
Children usually copy their parents. And, you can take advantage of this habit. You can serve as the ideal person for good money habits for your kids. To do so, you may have to change some money habits of your own that are not perfect.
Give your kid a piggy bank with compartments for different types of spending and savings. These could include compartments for spending, savings, and for giving charity. This will help your kid learn how much they should spend on each compartment.