Women Lines

• 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.

For many families, talking about money is taboo. The adults make it, the kids ask for it, end of story. Yet financial experts agree that understanding cash, credit, and consumerism is possible, and important, for building a sense of financial responsibility in children. Womenlines will share various ways in future how we can develop money sense in our children.

• Take an active role in providing them with information. Observation and repetition are two important ways children learn.
• Communicate with children as they grow old about your values concerning money how to save it, how to make it grow, and most importantly, how to spend it wisely.
• It is very important to help children learn the differences between needs, wants, and wishes. This will prepare them for making good spending decisions in the future.
• Setting goals is fundamental to learning the value of money and saving. Nearly every toy or other item children ask their parents to buy them can become the object of a goal-setting session. Such goal-setting helps children learn to become responsible for themselves.
• Introduce children to the value of saving versus spending. Explain and demonstrate the concept of earning interest income on savings. Consider paying interest on money children save at home; children can help calculate the interest and see how fast money accumulates through the power of compound interest. Later on, they also will realize that the quickest way to a good credit rating is a history of regular, successful savings. Some parents even offer to match what children save on their own. (contd)

Shopping with kids can be fun and fuss- it depends how you mould it!

Most of the time parents don’t like taking their kids along for shopping as they find it troublesome. By doing this you are depriving your kid from having a great learning experience.

These two activities can help you in making your kids smart shoppers and developing    sense of money and food costing.

1-SHOPPING GROCERY-

Prepare a shopping list with your kid. Explain to him how important is to make a list  before going out for shopping as it helps saving money and how it minimizes impulse  buying. It can be a good practise for reading and writing. While you go for shopping ask  your kid to find some item, he will get busy and when he finds out and puts it into cart ask  him to check off from your list.

2-FOOD AND MONEY-

Shopping grocery from store can be a fun activity. When you return back from shopping while settling your grocery in store ask your child to find the items you bought and ask him to read the price also. In this way he will come to know about the food the family uses and the price too.

Have fun while shopping!