5 Important Money Habits to Teach your Kid
Most of us would have started our Money Habits with a Piggy Bank or Coin Collection Box. But is this alone can help your kid to lean about Saving, Investing and Spending?
Most good money habits should start from the age of 7. Parents can be the biggest influencer in child money habits.
- Budgeting – Include your child when you do your monthly Income, Expense and investing decisions – Ask their opinion when it comes to shopping lists, Discount Buying.
- Banking Procedures – Open a Kids account and help them to save their money through bank. Teach them about ATM usage and precautions and understanding on bank account statements.
- Money App and Money Games – Games like Kidzania will teach about importance of earning and spending. The best part is the kid will play and learn.
- Online Transactions – When your child is 14 year or more, encourage and allow them to place online orders like food ordering and Train Booking.
- Making Money Grow – This is most important aspect and as a parent we often miss this. Often a good idea to teach them various asset classes and how money can be multiplied with your investment portfolio. Link their bank account with other simple investment options and teach them.
The responsibility of a parent is clearly should not stop with only the Piggy Bank, when the kids grow as adults these money habits can help them to understand more about personal finance and save them from making major money mistake.
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