4 Money lessons to teach your kid
Biggest responsibility of any parent for their children is to teach them the life of Independence.
Financial Freedom and Independence can be achieved only by knowing certain personal Finance concepts and certain discipline attributes.
Personal finance can even be a challenge for adults. Here i have created 5 Step guide to help parents navigate financial conversations and offer tips and tricks to teach children about the importance of money. As a parent, however, you can teach your child important financial lessons — and you should.
Begin Basic Investing
Children often receive money as gifts for B’days and Festivals. The idea of gifting money is to emphasis about the fundamental and Importance of Saving. But however we often forget not to talk about how to utilise these savings for Larger Purchases and to multiply their savings.
Teach them about how compounding works and why it is 8th Wonder of the world.
Teaching them about Smart Spending
There are many ways to get the most value for your rupee spent. For instance, a child who wants a new video game may be surprised to learn prices could possibly drop after the holiday season.
Involve them when you are doing your House Hold budgeting and Financial Planning.
Insist them to keep a record of everything they spend, so they can go back and evaluate if they’d like to change anything about their spending habits.
Educate Credit Concepts
There is nothing inherently wrong with using credit. Debts and credit should be used only for a constructive purpose like – Education & Business.
As we see, many young Adults are struggling with the credit card debts. They get stuck in revolving credit with Credit cards and what is responsible credit.
Inspire them to Earn Money
Allowing your kids to do chores for extra cash is a great way to start teaching them the concept of earning money and also this can be a good seeding them to learn about entrepreneurship and their early age.
Allow them to sell their toys, clothing, or sports equipment in OLX or similar sites.
If they are into art, help them set up a website to sell their creations.
It’s surprising that our schools don’t teach children about money and these lessons will definitely help them to become Financially Free and Independent
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