Money management is not only important for adults, but equally more important for children. Children should understand the value of money from very initial stage. Children who are aware of importance of money will always mange money efficiently and will spend it wisely. Thus educating children about money management is very important as soon as they enter into young age. Thus here I would like to discuss about some of the ways which could help you to educate children about money management.
1. Get saving account at very young age
It is important for children to have their personal saving account from their very early age. This will help your children to understand the importance of money and usefulness of saving it.We can open their saving account with a small amount of money at early age. Such accounts does not charge any monthly fees since these are for children below 18 years.
2.Make children do chores to earn extra money
Children get more happy and satisfied if they get extra money from doing chores. This will help them to be responsible adults in their later life as they will understand how to make their own bed. Children love to get incentive and thus this extra income earned by then will be more value for them since they can get it on regular basis.
3. Habit of purchasing things from their save money
Children should always have the habit of getting things from the money they save. Thus this will help them to save money and will help them to realize how long it take them to get things they wanted. It will also help them to understand the importance of thing and will help them to understand to make best and worth purchase out of their money.
4. Recording their transactions on paper
Children should develop habit to write down their transaction like money withdrawn and deposit in register. This will help them to figure out the amount of money left in their account. They will never forget about their transaction since it is recorded by them.
5. Make purchases by comparing prices
It is necessary for children to understand the value of money while doing shopping. When it comes to shopping, children generally does not understand the price differences. So educating children to buy cheaper items is one of the step towards money management. As children get older make them learn to buy items in bulk from grocery stores.
6.Educate young teenagers on factors to consider while purchasing car
First and foremost thing which attract young teenagers are cars. Thus it is necessary to educate them when to buy car and how to buy car. They should check out the report at carfax.com because it can provide you vehicle history.
Thus it is my belief that if we, the adults try to take some initiate to educate children about money management, it will help your children to place in better position in future and they will grow up to good responsible adults.
1. Get saving account at very young age
It is important for children to have their personal saving account from their very early age. This will help your children to understand the importance of money and usefulness of saving it.We can open their saving account with a small amount of money at early age. Such accounts does not charge any monthly fees since these are for children below 18 years.
2.Make children do chores to earn extra money
Children get more happy and satisfied if they get extra money from doing chores. This will help them to be responsible adults in their later life as they will understand how to make their own bed. Children love to get incentive and thus this extra income earned by then will be more value for them since they can get it on regular basis.
3. Habit of purchasing things from their save money
Children should always have the habit of getting things from the money they save. Thus this will help them to save money and will help them to realize how long it take them to get things they wanted. It will also help them to understand the importance of thing and will help them to understand to make best and worth purchase out of their money.
4. Recording their transactions on paper
Children should develop habit to write down their transaction like money withdrawn and deposit in register. This will help them to figure out the amount of money left in their account. They will never forget about their transaction since it is recorded by them.
5. Make purchases by comparing prices
It is necessary for children to understand the value of money while doing shopping. When it comes to shopping, children generally does not understand the price differences. So educating children to buy cheaper items is one of the step towards money management. As children get older make them learn to buy items in bulk from grocery stores.
6.Educate young teenagers on factors to consider while purchasing car
First and foremost thing which attract young teenagers are cars. Thus it is necessary to educate them when to buy car and how to buy car. They should check out the report at carfax.com because it can provide you vehicle history.
Thus it is my belief that if we, the adults try to take some initiate to educate children about money management, it will help your children to place in better position in future and they will grow up to good responsible adults.
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