Very few parents in our country introduce the concept of finances and money to children, and are seldom taught even at school. However, in my opinion, teaching children to deal with money at 10–12 years of age will help them to value and handle money with discipline and responsibility at an early age.
Here are few tips for parents on teaching their children about money…
- Let your child accompany you when you go to a bank and operate your accounts, teach them about saving accounts etc.
- Many teens live in an unrealistic world. Offer them a preview of adult living household expenses, so they learn regarding planning and spending wisely.
- Start with a monthly allowance of a small sum and teach them to utilize the same for buying requirements like stationery, birthday gifts, etc.
- Children always see and learn from their parents, so be careful about your attitudes towards money. I am coming home late, so that I can bring in more money for the family or you need to do well in school or else how will you earn money when you grow, such blanket statement should never be made at home. No amount of money can compensate for the time and the love you offer to your child.