Parenting - Other | 3-12 yrs

Help Your Child Manage Money

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“If you do not know how to care for money, money will stay away from you,” said Robert T. Kiyosaki, the famous entrepreneur and investor.

True to this statement, it is imperative that your teen has good money management and saving habits. The lack of it might result in your teen spending most of his money on unwanted and expensive things. This irresponsible behaviour might well continue to his adult life when he is making his own money. It is necessary for you to not only teach about the value of money and saving, but also enable your child to implement your advise. For instance, you can help him open and maintain a bank account.

According to a piece in The Clearpoint Blog, you can “remind your teen to record every purchase and withdrawal, balance the account each month, and refrain from drawing on funds until they are available. Discuss how to use debit and ATM cards responsibly.”

An article in Summer of Money emphasises the importance of inculcating budgeting kills in your teen. “Good budgeting skills will help teens effectively manage their personal finances. The earlier they begin keeping a budget, the better. Encouraging your teen to develop one helps them become more accountable for their own finances.” You can help your teen develop this skill mainly through making him keep a diligent track of his incomes and expenses. Controlling impulsive buying is also an important step in developing effective budgeting skills.

Learn more about your teen’s must-need money management habits and how to develop them from our ClipBook.

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