All parents want to raise healthy and happy children, but in addition to these priorities, it all depends on the specific life skills that are essential for the child to have a good life in the future. One of the most important skills is how to save and manage your money rationally: financial literacy. Many children whose parents did not teach them how to save, finance, invest and use money correctly later fell into various debts and had a lot of stress throughout their lives.
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One of the best options for preparing your child for the future is kids credit cardall in one place within a mobile application that is quick and easy for every child to learn and use.
start talking about money at an early age
First of all, in order to understand what money is, children must know how it is made and where it comes from. Money is necessary for a normal and functional life, but managing it properly is a matter of habit and skill. From an early age, children absorb everything that happens around them like sponges, so they need to develop certain money habits from an early age. Children must realize that money is hard earned, not abundant, and that money must be treated with respect.
give them leeway and responsibility
Children learn best how to manage their finances when they are given a fixed amount of money each week or month. It’s a good idea to give your children a weekly allowance at first, and then monthly as they get used to it. Children learn the value of money and learn to manage it more quickly when they receive a monthly allowance instead of a weekly one. Of course, this comes with certain responsibilities. For example, taking on additional chores, curriculum and extracurricular activities.
hand over child debit card
One of the most comprehensive and fastest options to learn how to create a savings plan, invest, earn, spend and give is with a kid’s credit card. The card was designed together with a mobile application so that both children and parents have access to all kinds of finances in one place at any time. Parents have full oversight and control over their children’s transactions and always know what their children are doing with their money.
Parents have the option of a savings plan with their child that determines the minimum amount and percentage that the child must save each month and this money cannot be used without parental approval.
In addition to these countless possibilities, there is a special part that develops your child’s different skill sets – an activity table that can be adapted to each age of your child.
The procedure for opening an account is simple. Parents need only provide their child’s personal information, open an account in the child’s name, and deposit money into the same account.
encourage them to find work
Children have to earn their own money. Small children help with household chores, look after neighborhood pets as they walk down the street, walk dogs, water flowers, read to other children, sell pictures, and build lemonade stands. You can do small jobs such as etc.
Older children have far more options for part-time work because the money parents give them cannot cover all expenses. , care for elders, spend time with them, work in clothing stores and cafes, sell ice cream, teach other children school subjects, shovel snow, mow grass. or take care of the garden. other work.
Encourage them to save for higher goals
Most children start saving money at first, but lose interest and motivation over time. To prevent this from happening to your children, they must have goals to strive for. We have to talk to them to find out what drives them. Some kids save for college, a trip to Europe, a particular course, a car, or their first possession. It is very important that they set their own goals to encourage and motivate them.
The article, Raising a Financially Savvy Child: A Guide to Teaching Money Management Skills, first appeared in The Startup Magazine.