It’s not too late to give your
children a gift. Consider a gift that lasts a lifetime.
“Financial
Literacy”
The
benefits of understanding finances at a young age will contribute to children’s
economic success at all stages of life, so it is never too early to start
teaching them about smart money management.
"By providing our
children with firsthand experience in earning, saving, and spending money, they
are more likely to develop a savvy sensibility and the framework necessary to
manage their personal finances as adults,"
Make
money management a family affair. Get the whole family involved in financial
planning. Talk to your kids about how they think money should be spent, such as
saving for college, taking vacations, or dining out, and how to balance
short-term indulgences and long-term financial planning goals.
Let
your kids know how you spend and save on a daily basis. Take them to the
grocery store and explain saving money with coupons and sales, and how monthly
expenses such as Internet and phone bills, as well as water and electricity,
are part of a household budget.
Explain
how turning off lights saves money, as does making soup for dinner with
leftovers after Thanksgiving.- Let kids earn money. While not all parents
approve of allowances, consider giving your child the opportunity to handle his
or her own money, whether it is a regular allowance, small stipend, or money
gifts from relatives for a birthday or special occasion.
Older
children can have access to accounts to make deposits and withdrawals for food,
clothes, games, and activities with friends. Kids may make some mistakes, but
avoid the urge to rescue them. One experience with an overdraft charge on an
account can be a valuable lesson for a lifetime of smart money management.
We
can conclude that financial literacy as kids pays off in adulthood also its an integral part of our life for great
success…..
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