Every parents is concern about their child for their secure future or life. Some believes in buying property or some in fixed deposit for their kids. But, Instead of buying treasures or property for your child to secure their financial future or to secure their life. Try to teach good money skills to them.
We have come up with some good money skills I believe you must want to give your children because these lessons will not only help them manage their own finances in the future but also make them independent, so they don’t need to depend on your funds or savings in their life.
Here are the best ways to teach your kids the money skills:
Teach your children about their personal finances in a high way.
Money Game
There are various educational theme parks such as Kidzania which teach children about the importance of earning and spending money.
It is just a game for them, even they do not feel that they are playing the game, in which they learn about money.
The best way to teach your child is anything like a game only because they enjoy playing and they learn fast.
Therefore play games like e life, monopoly, etc. The best ways are to teach your children the importance of money.
Learn with fun is the best way to teach children anything.
Introduce Your Child to ATM
Always try to take your child with you while transacting your money at the ATM.
Teach them well about the money withdrawal process and machine work. Also, teach them the safety precautions that need to be adopted while using ATM.
Next time ask them to use the ATM what they learned last time.
Application of Funds
Try to get them to know well about money applications. Tell your child well about financial concepts such as planning their expenses or meeting their financial goals. You can also teach them the use of simple money applications.
The financial planning application is the best way to teach your child money concepts.
This is a great way to teach them about the value of money. Try to teach them the importance of money so they don’t waste the money on unnecessary things. They give the value to money.
Tell Them About Digital Transfer or Payment
Well these days, the time has gone digital, therefore, Teach them about online transactions. Teach your child about electronic payments, tell them about their work, transfer of money, etc.
When your child is over 12 years old, allow them to do simple online transactions such as ordering food online, booking movie tickets online, booking taxis, etc.
Once they learned simple things, they later learned how to create a mobile wallet or UPI ID.
Involve Your Child in Bank Activities
Children should also be familiar with the activities of the bank like reading bank statements, withdrawing money, depositing or checking money, security measures, etc. These are the simplest things but many useful your children should know about these.
Final Verdicts
Children cannot learn everything in their schools. They only get their bookish knowledge. These money skills are never taught in schools. It is in your hands to guide your child’s future well so they value of money. Your child should know the importance of money so they don’t waste the money on unnecessary things.
Related: Financial Planning Advice for Young Adults of Early 30s