Bangalore: Money plays a very important role in all our lives. Infact, many adults find it hard to manage finances efficiently and later land up in debts.

It’s very essential for children to learn about money management right from school. Children usually learn what they see their parents doing, especially in their growing years. Hence, parents act as teachers to their children. Parents should inculcate the word ‘savings’ into their children from the very beginning so that when they grow up, they can take forward some of those lessons taught in their adolescent.

Parents need to prepare their children for the real world where they will be exposed to expenses, loans, incomes, debts and other money related factors. Below listed are some ways to make children financially responsible, reports Aditya Prasad of Perfios.com.

1. Give Children Pocket Money

Giving pocket money to your kids would be a great way to introduce money management to your children. Always make sure that, the pocket money you are giving is age appropriate.

Another important factor that you should consider is to have a fixed deposit. You can give the money daily, weekly or monthly depending your convenience. But never increase the amount or give any additional money within the fixed period.

Through this simple method, you can inculcate money managing habits in your children.

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