THE latest government announcements about cuts in public spending should be reason enough for families to teach their children how to save money and live by the motto "Save a little money for a rainy day", say financial experts. Unfortunately, many Saudi families do not instill the importance of saving in their children's minds. Al-Riyadh daily reports on how Saudi parents should raise their children to become financially responsible and tell them that it is never too early to start saving. Ayed Al-Shahrani, a social and educational counselor, said parents are to blame for failing to teach their children the importance of saving. "Saving is important and brings a lot of benefits to individuals and society. Today, it has become a necessity in light of the economic conditions the country is going through," he said. Al-Shahrani's advice to families is encourage all members to get together and set a strategic saving plan that is commensurate with the family's monthly income. "Families should focus on the essentials and do their best not to spend money on luxury things. All spending activities should be well planned," he stressed. Hayam Abul Reesh, a teacher, said the majority of Saudi families do not plan their budgets and do not invest their money well. "In the past, fathers used to be the sole breadwinners but today the situation has changed as mothers are playing an increasing role in providing for the family. Unfortunately, some mothers tend to spoil their children with money and buy them whatever they want, thinking this is the right thing a mother should do," Abul Reesh said. She called on parents to give their children a monthly allowance and help them plan out how they are going to spend the allowance. If children save some money from the monthly allowance, they should be given a bonus because they managed to set aside a little amount from the monthly allowance. "This way, children can learn the skill of saving gradually and understand that it is not always easy to save money. They will learn the importance of prioritization. If a child wants to buy some luxury items and does not have enough money, his parents should ask him to do some household chores before giving him the money. He needs to realize that money is not always earned easily," she added. Abdulaziz Al-Mutaweh, a family counselor, urged parents to explain to their children that nothing lasts forever and if one day you have money, you may not on another day. Families should help their children plan out their monthly budgets and spending. Economist Abdullah Al-Maghlouth called on families to cut down spending money on vacations and recreational activities because it is not advisable for families to spend a big chunk of their budgets on such activities in difficult times.
