Life skills to teach your child
Parents want to give their children a better future and make them financially stable in life. For that, they put aside their happiness and save money for higher studies. They try to buy everything they ask for out of love for them. In this order, they are afraid that bad things will affect them because they do not talk to them. This keeps them away from Mbu related matters. By doing this they do not know the future value of money. Not being able to take the right decisions at the right time may lead to problems. Therefore, parents should teach their children the value of money from an early age. Among other things, money and financial management should be taught.
Parents are the main influence on learning, but the pressures are great Must have practical knowledge.
If children are to be beneficiaries, the method of providing them through books alone is not enough. Practical (Practical, should be learn. For example, you will learn the lessons of vas room calculations. You have this much money in it. Went to store and bought some things. How much was the bill. How much money will you have again after paying the bill. So, children may not show much interest. But if you take your children along with you and shop by them when you go to store to buy things, they will do these calculations practically. So, they will also show curiosity to know and do. This will make them accustomed to practical financial matters. This will help the child understand how to handle the potty and you will know your child’s ability.
Difference between need, want and desire | Teach your child
Some parents give pocket money to their children. But they don’t notice why they are spending it. Sometimes he tries to buy the children if they want something. Otherwise. the children will not know if it is really necessary. This is not the correct method. If your kids ask for something, do they really need it? Does it work even if it doesn’t?
Make a purchase decision knowing that. If you feel there is no need. patiently tell them why in detail Children will start thinking if they know the difference between need and desire.
This is unnecessary Reduces wrinkles and increases length. Who knows where to cut costs and save more. It should convey value for money in making future financial planning management decisions. As the days go by, the prices of the goods are also increasing.
Children should be taught the value of money
Teach your child that Children would be happy if two rupees were given to children on poison. Those who buy rockets and so on. But what does two rupees get these days? That is. It is a situation that even we cannot say. By this we can know how inflation reduces the value of money.
Children should be taught the value of money so that their future is not difficult. Does not make a budget, does not spend according to it. It is the responsibility of the parents who do not teach the children about basic things like saving, investment and income, so much so that it is the responsibility of the children in the future this can be done.
Saving from a young age
Buy a cat bank for children to get them used to saving from a young age, parents, grandparents and relatives will give them money at some point. Like | Tell them to use the gift money instead of spending it. Some older children Open the bank account. Along with pocket money. also deposit the money received in their account. Currently, most of the public and private banks offer bank account management services to minors. However, depending on their age, the possibility of conducting under the guidance of their parents giving So children do not know the deeds they do. If they are level students, you can also give add in credit card on your on card. However, the primary cardholder is responsible for paying the add-on card bill. So, they should keep an eye on the children: all the time to avoid abuse.
The benefits of better financial literacy
Finances now mean making money, not spending it. Not just savings. There should be awareness about investments. Especially in today’s digital age, financial transactions are done in a blink of an eye. If you have proper understanding about these, you will be able to take decisions in the future. Understanding stock market along with banding related matters. It is important to know which stock will get good returns if you invest in it. Awareness should be created about things like not investing based on the target and investing at the right time.