It is important to make children aware about the importance of money at an early age. Children should be educated about this from childhood, so that they can grow up to invest in the right place and avoid extravagance.
World Health Day 2022: It has been more than two years since the COVID-19 pandemic hit the world. It has badly affected the whole world. Due to this, awareness about physical as well as mental health has increased among the people. However, today we are going to talk about financial health on the occasion of World Health Day. As a parent, you always want to do something good to secure the future of your children. For this, it is most important that you try to make your children money-smart. Did you know that when children are seven years old, their habits regarding money are fixed? Yes, you read that right. Children’s mind is fickle at an early age. In such a situation, it is necessary to make them aware about the importance of money at an early age.
In the age of digitization, children are already aware of things like credit cards, debit cards or online payments. In such a situation, it becomes necessary to educate them about financial responsibility. Here’s how you can make your kids aware of the importance of money from an early age.
Twitter is bringing a special feature, the edit button will be launched for users, does Elon Musk’s poll have an effect?
discuss openly with children
It is said that children learn from adults only. Children keep an eye on your every move, so care should be taken while saying and doing anything in front of children. When your child asks you questions about paying bills or going to work, it is important that you discuss it openly with your child. Talk to them about how you make money, why it’s important to save and how to make wise purchase decisions. This will not only make them understand the importance of money, but they will also understand how to manage money.
give money for work
To understand the importance of money, it is necessary that children should have their own money. You can give them money in return by giving them some small work. In this way they will understand that to earn money one has to work hard. Children should be taught that money comes in return for work. Don’t get them new toys/clothes for free but encourage them to make money through work to get them.
Involve your kids in budgeting
Involve your child in this while making the monthly budget. You may feel that they will not understand this, but you will see that it is affecting the way they spend. This will help them understand where it is necessary to spend and where not. Not only this, by turning off the fan-computer in front of the children, they will understand the importance of saving.
FD vs RD: Confused about investing in FD and RD? Understand which option is better
Inculcate the habit of saving in children
Your kids watch you buy stuff. Therefore, it is important to teach them that what can be saved while not spending it. Let’s say you advise your child to save up to buy a bicycle. This will make them understand the importance of saving. In this way, this method of saving while setting goals will come in handy throughout their life.
Explain to them what is important and what is not
It is important to explain to the children what is needed and what is not. Understanding the difference between your needs and wants will help prevent wasteful spending. Children have to be explained which things are necessary for them and without which things their work can go on. Money management is an important part of our life. Children should be educated about this from childhood. So that they can grow up and invest in the right place and avoid extravagance.
(Article: Ankit Gera)
(The author is the co-founder of Junio. The views expressed here are personal. FE Online takes no responsibility for the same.)