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How to teach your kids the value of money

You might have always valued for the hard-earned money. You must have realized how difficult it is for a person to income even a penny. You may have given a luxurious life to your child where he might not have to face the hardships that you did to fetch happiness for him. But it is really essential for the parents to teach their kids the value of money. This is what the kids will inculcate in them and understand the practicality of using the money. Let us know certain effective ways to let the kids know the importance of proper usage of money.

  1. A piggy bank:

A piggy bank is a fail-proof method to help your kids comprehend how to save even a penny without a miss. This is the first step in the financial chapter worth trying with the kids. Let them save for what they want to buy. This will instill a sense of responsibility and discipline from a very early age. Plus, kids can figure it out who much pocket money they should spend or save and draw limitations accordingly.

  1. Teaching basic calculations:

Help your kid to calculate and manage his budget. Simple mathematics, profit and loss, and small investment sums can guide his brain to think towards proper finance management. This will improve his skills for calculations and sharpen up his memory further.

  1. A savings account:

A superb initiative to train your kids about valuing money is through a saving account. You can ask other parent friends about the same and open up a small bank in your locality where the kids can deposit their savings from pocket money or piggy banks. This would help their amount to increase after a certain period of time. Plus they can get a small picture of how bank functions and how are transactions done in the real world.

  1. Get them to calculate the monthly expenditure of family:

Keeping kids away from finance and expenses might be a big mistake. Involving them in small calculations like grocery expenditures, comparison with previous month’s account, talking to them about long term goals and savings, and making them aware of tax can train your kid to become a master in perceiving finance.

Finance education is something that must start with concrete practical deals. As a responsible parent, it is your duty to educate kids properly through real-life examples and guide them in a channelized way. This way the kids tackle any difficult situation in the long run.

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