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Money management Ideas for Kids: There has been a big change in parenting nowadays and with increasing purchasing power, parents try to fulfill every wish of their children. Nowadays even children seem to be unaware of this concept when they are explained why every item or product of their choice cannot be provided to them. For the same reason, it becomes even more important to teach them how to manage money and make them wiser on the economic front.
To save money in most of the homes, children are given a piggy bank or a piggy bank in which they deposit their small amount. Now in the changing times but it has become necessary that children should be made aware of saving money seriously or the value of money, so here we are telling you some such things by which children can be made financially intelligent.
These changes have come in the current era
In the present era, children are very conscious on the technical fronts and understand all kinds of technical complexities easily. Pre-teens or teenagers are engaged in studies along with learning technology, they are free to shop online and make digital payments very easily. It was not even thought in the 90s that teenagers should
So much financial freedom will be given.
What and how to teach children
In the changing times, where children are not dependent on the cash given by parents along with studies for making payments to online shopping and buying products of their choice, then also consider that they still have a soft mind to buy whatever they want. looks forward to. But as mentioned earlier also they have to be made wise enough that they know the value of money.
Some important tips for kids
- Cycle or phone is one of the favorite items for almost all kids and to buy it, first give them pocket money every month and also explain the tricks to save it.
- Give cash gifts from relatives to the children and ask them to handle it and do some extra effort to increase it from their side.
- If parents give some incentives to the children on the amount saved every month, then they will be more eager to save and also introduce them to the concept of compounding.
- Make children do some such tasks, on completion of which you give them cash as a reward, so that they will understand the importance of how they will earn further through working.
- Giving children more money than necessary can also be harmful, so keep an eye on the amount being given to them.
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