Teaching manage their first income

Keep track of income and expenses. It is difficult to know exactly how much is in a piggy bank. Show him that you can keep track of your financial transactions in a notebook, something like a statement. Each contribution or withdrawal that must be recorded with the date. Thus all will know how much time has to accomplish his purposes.Shopping thoughtful. While you should respect their decisions, it is important to guide their purchases. Explain why you should consider, for example, object lifetime, if maintenance and some features that denote quality. That means the difference between immediate and durable goods. Also learn how to choose what is best for you.Provides financial tools. As a concept can be very complicated to explain to a child, but put into practice, learning will be easy. Explain, for example, the loan. Make a dynamic attached to reality. Pay a certain amount, your income will allow pay and sets a deadline for payment. Explain that if you pay on that date, the amount will be increased and its debt will grow. Platícale also about offers and how prices fall in a certain season. A child does not have a credit card for purchases months interest free, but you can support it. Choose something and say how much lower will give you every month. He understood that it is sometimes more convenient to make deferred payments and how to meet medium-term commitments.Savings accounts for children. There is already a wide range of special savings accounts for children. This tool is useful and fun, enabling them to live adult experiences, like going to the bank or use an ATM. Once you have saved in bank, could move this money to a bank account. Increase the complexity of the process, but children begin to understand how the ‘real world’.