Below 5 actions at your end will help to make your children financial literate and no time is right time except ‘Now’ is the right time as these days children are exposed to finances at an early age.
Allocate an allowance for your Children
They will be able to understand the purchasing power and correlate between the expenses and savings. One can start with a piggy bank to inculcate the habit of savings.
Visit a Bank with Your Children
Let them be exposed to the banks at an early stage. Gradually introduce them to the various counters of service in a bank and explain to them the concept of each function – cash, cheques, savings accounts, deposit slips, application forms etc.
Visit ATM with your Children
Teach them the way ATM machine functions and they will know that their Dad is not an ATM dispensing cash.
Shop with Children
They will understand bargains, discounts and what money can buy. Let them plan your financial spending's.
Children Loan’s
For their demanding needs, tell them to take a loan from you and repay it from their monthly allowance being paid by you. Thus they will learn money management at an early stage in life.
Encourage your kids to work part time
Let your kids learn the difficulties in earning money and they will become all the more responsive in nature.
Expose them to our website for best financial advice which will help them through out their life because here we discuss anything under the sun related to finances and stock market.
