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Pocket Money: First Step Towards Financial Learning for Kids

By SiliconIndia   |   Monday, April 1, 2013   |    3 Comments
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2. Encourage your Chile to Save More

These days’ banks allow kids of 8 years and above to have a bank account. Although, financial independence can make them spend unnecessarily so parents should educate their children about saving money. Encourage your child to have a piggy bank. This will be a very small but very strong step towards money managing. It will help them when they start earning.

Guide them on how to save their pocket money and the money that they got on festivals from relatives.

3. You Monitor, Let Your Child Decide

Do not bother your child too much about his spendings. Let him decide on what he has to spend on. It’s always good to give him financial freedom so that it will sharpen his monetary skills.

Never give him money and build restrictions around him. Let him make his own goals. Your work is guiding him in making the best use of money. Once he/she spends the money, then you make him/her realise whether it was worth enought or just a waste. However, make sure that your child is not misusing the money.

Read:
10 Tax Saving Strategies to Adopt Right Now
10 Ways To Keep Your Internet Banking Safe

 


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Reader's comments(3)
1: I think its a very good approach to teach our kids how to handle money because it not only teaches them how to spend it but also how to save it for , maybe something they want dearly. I also discuss with my kids a Little about investments and insurance so that they have an idea as in what is all this . I have recently bought Tata AIA life's Smart growth plus plan which seems a very good plan and, it offers flexibility in choosing policy term, has good policy returns and tax benefits u/s 80C
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