But in between all these, there are certain practical things that are needed to be taught with proper care. Usually, there are complaints from parents about their teens that they don’t utilize money properly, they waste it or misuse it. A lot of people graduate from college without any idea of how to manage their money or balance their bank accounts.
There are certain methods that can be followed for helping kids to manage finance from their early childhood itself:
1. THE PIGGY BANK IDEA –This would be rated as one of the best ideas to manage finance at the very early stage. Usually, kids are fond of the piggy bank because it not only keeps their saving but is also a great toy to play with. Above all this, if it’s a clear jar then they get more excited as they see their money growing.
The concept of pocket money helps to build up a quality of proper utilization of money. If they are given a certain sum to spend for a certain time period then they’ll count on to every penny before spending it. They’ll also make sure that they spend their amount on certain useful items only.
2. POCKETMONEY –
There are certain banks which provide various Children Schemes for opening a minor’s a bank account. Opening a bank account at the age of 10-11 can bring a sense of responsibility to the child.
3. A BANK ACCOUNT –
This is not the end, but this is the start for our kids to develop themselves in such responsibilities. This is the time to give them a sense of responsibility. There are many of us who look back on our childhood and wish we would’ve been taught about the same? Don’t we?