6. Do What You Preach

Children learn certain habits by observing their parents. Hence, it’s very important for you to do what you say. If you pay your bills on time, spend smartly, and manage money well, your children will also follow your footsteps.

While teaching them about finances, always make sure that you keep it simple and fun so that they take it positively.

7. Introduce Piggy bank

Piggy bank is a wonderful concept to develop money saving habits in children. Even children love to fill their piggy banks right from a very young age. The most fascinating thing is, kids are able to understand value of money that goes into the piggy bank is very precious and will not like to give it away easily.

On the other hand, you can also introduce a system where you will agree to give some money to your child for completing a task such as cleaning up the room or helping in everyday household work. Through this, your child will understand the true value of money. Make sure that the money you give will go into the piggy bank and not spent elsewhere.

Once your child grows up, you can encourage them to open a bank account. A lot of banks across the country have introduced kids’ bank account with facilities like debit cards to get children exposed to baking.

Also Read:

9 Simple Ways to File Your Income Tax Returns

Why India Should Have Women Centric Banks?