Thursday, 8 October 2020

6 Tips To Teach Your Child About Money


 
1.Give them an allowance: 

A regular allowance or “pocket money” is often a child’s first experience with financial independence as it gives them a certain degree of control over their own money and teaches early lessons in budgeting, saving and prioritizing purchases.


2. Teach them to budget: 

Learning how to live within ones means is an important aspect of daily life and creating a budget is one of the best ways to achieve this. Sit down with your children and go over their wants and needs according to their age. What are they saving towards? How much can they afford? Build in some of their bills into their monthly budget such as the costs of maintaining their mobile phone.


3. Teach them to save: 

One of the simplest ways to encourage a responsible attitude about money is to encourage children to save. Little children get excited about their piggybank, this traditional first savings method helps to build initial interest.


4. Should you pay for chores?

Chores offer an important lesson in cooperation, and develop in children a sense of responsibility as they live within their family community. I believe that if chores are tied to a monetary incentive, children can decide to opt out of receiving compensation.


5. Teach them to give: 

Involve your children in your financial decisions regarding philanthropy and expose them to charitable giving early in their lives. Children can donate their outgrown toys, books and clothes and as they get older, can volunteer, giving of their time and talent.


6. Be a good rolemodel: 

Action speaks louder than words. Your children will learn about money values, primarily through your behaviour. If you display a show-off, materialistic outlook, this will become the example they may come to live by.




SOURCE: NIMI AKINKUGBE

PIC CREDIT: FXMAGOFFICIAL

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