Financial literacy is crucial for a healthy financial future. Start your kids off on the right foot by teaching them about money today.
Kids Money Management— Financial Literacy
A kid or child can work and earn according to one’s age, capacity and circumstances. This also helps in keeping them busy during their long holidays.. The earlier the child learns to make a budget and save money, the more knowledge of money one gets to save money in future.
Financial Literacy is a skill that should be started at an early age and not left for it to be taught in schools. This education can be easily started by parents as a part of their growing up.
Parents should discuss money matters with kids to give them the value of money. Most children know that money is required to buy their burgers, toys and books but they do not know the working of the finances. Parents must discuss about earning, saving, investing and spending with practical examples worksheets and games.
Kids should be involved in family finances. Real life examples should be given to make them understand the theories and concepts of money.
Kids should also be involved in the way finances are distributed in the various expenditures of the household.
Children should be taken to the bank and explained the working and processes of depositing cheese, drawing money and other transactions. They can be of help in cheque writing.
In the modern times the cash and bank transactions done online should also be exposed to kids.
The children should be allowed to make a budget of their own expenses. This will teach them the real-life experience of money management. They will learn from their own mistakes in a better manner.
A fixed amount should be given to the kids as a weekly allowance and asked them to handle their own books, toys and sweets expenses and also teach them to save from the resources they have.
Kids can also be asked to earn their pocket money by doing household chores like cleaning, marketing, taking the dog for a walk or taking up teaching the young children in the house or in the community.
Financial Literacy is one of the essential skills to be started for children at an early age.
Kids should learn to save some money in piggy banks.
All children should keep a note of the money they have and where they spent in writing.
There are many games and worksheets in a colorful manner to take the young brains on the right path to budgeting.