Help Your Children Manage Money |
Image source:https://www.irishnews.com/lifestyle/2018/06/12/news/how-to-teach-your-kids-to-manage-their-money-1351667/
- Fix a day every month to give allowance to your children. This is to allow them to plan their spending for the month.
- Keep a record of their expenditure. Children should be taught to record their monthly expenses.
- When the children are old enough, open bank accounts of their own. This is to allow them to learn and understand banking procedures.
- Permit your children to spend the money independently. However, parents should explain to them what kind of expenses is considered extravagant and what kind of expenses is considered investment
- As soon as appropriate, introduce tools for financial management to them. Inculcate in their minds the importance of these tools.
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