5 Ways to teach kids about money!(Part 2)

In present times it is very important to teach kids about managing money. These tips can help you to play your role in guiding kids to manage money-

  • Ask your child to keep records of money saved, invested, or spent. To make it easy you can use 12 envelopes, 1 for each month, and encourage your child to place receipts from all purchases in the envelopes and keep note of what they do with their money. 
  • Spending money can be fun and very productive spending is well-planned. Explain to your child how to check for value, quality, reparability, warranty, and other consumer concern. Spending smartly at the grocery store like using coupon shopping sales, comparing unit prices, can help in saving lots of money. 
  • Teach your child about the importance of budgeting. 
  • Explain to your child about the importance of credit cards and how it works. It is important that he understands the concept that it’s a way to borrow money and unless you return it back next month it will be very expensive to use. Credit card must be used in a disciplined way. 
  • Let your child take the spending decision. He should be encouraged to do some research work before purchasing anything and waiting for the right time to buy.
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