Teaching Your Child the Important Skill of Money Management

Parents have a sacred duty to provide their children with their temporal needs that includes the basics like shelter, food, and clothing, and also the luxuries like toys. The duty of a parent does not end at providing the immediate needs of a child and it extends to ensuring that a child can meet his or her needs in the future as well. Teaching them the important skill of money management is a step towards ensuring that they grow up to be financially independent adults.
In the modern age of advertising, the marketers heavily influence the minds of the young ones with all their temptation of toys, junk food, and more. For parents, it might feel like that they are better off without giving any money to their kids. But, that is not the right way forward as until you give them money, you cannot teach them the importance of money and the ways of saving the bucks.
We, at the K.R. Mangalam School, believe that it is better to teach the kids the important lesson of money management when they are young rather than reprimanding them when they are older. We have hence included below some of the key pointers that you need to keep in mind when it comes to educating children about money management.
Teaching by Example
The experts suggest that since children learn most of their skills by observing their parents, it is imperative that the parents encourage the children by bringing about changes in their own habits. If the child sees you spending beyond your limits, he or she will feel that it is okay to overstep the budget. Teach them to save towards a goal rather than giving them instant rewards. For instance, let them save money for the video game rather than buying them the game the moment they do something good.
Discussing Your Financial Choices
Tell your children about how you earn money and how you save the bucks. Take them to the grocery shopping with you and explain the purchasing decisions that you take. When you pick up mangoes instead of strawberries from the aisle, you can let them know about the difference in prices and how you can save money on them. Teach them about discounts when you avail any. This will teach them smart money handling skills and they will actually learn to save in this way themselves.

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