It's always important to impart money management concepts in kids for better understanding and utilisation of money. Children learn how to handle money only by seeing the parents. your attitude about money matters, be careful to set good example.
Teach to save: Encourage your child to save. Set up a process for saving money in piggy bank or in account. Monitor at intervals. Use the money for acheiving child goals.
Teach to share: Boost your child savings and help them to identify the ways to spend money for helping others.
Teach to shop: Before your child purchases , tell them the alternate ways to spend the money. Teach them to shop by comparing prices and quality.
Teach to Invest: Start preaching small concepts of money as they grow. Simple Interest, Compounded interest , etc.. make them understand the power of money. To make money, one needs money.
Involve them in financial planning: your children play a vital role in your life goals. Tell them how they contribute to achieve the goals. Let child know your budget.
Mentotax recommends you to teach your kids with the best ways to utilise the money. Involve them in all the financial decisions of your family.
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