Teach your kids the benefits of " Financial Literacy " II
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Parents are role models for their children. They are responsible for setting their child on the right path. But what about basic money matters? Money-related education should be provided from the secondary school. Small, practical dosages should be given throughout school and college life.
Here are some ways to teach your kids to be money-wise :
- Instilling Financial Independence & Discipline
It is very important for kids to understand that there isn’t an unlimited flow of money, therefore they need to think before they spend. Instill a sense of discipline in them when it comes to their allowances. This can be done by spreading their allowance over the month – which teaches them how to categorise their expenditure appropriately. Simultaneously, it is important that they understand how to create an emergency fund – for them to use it when they need the money!
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