A seed planted early will bear a fruit in time. The same principle applies to children. As teenagers or sometimes even as young adults children often tend to behave as if money grows on trees. As parents, the earlier you create financial awareness among your children, the lesser mistakes they will make as they grow up.
Children must be taught about money from an early age. For instance, you can give your little one a piggy bank to save some money. This will instill the idea of saving right from childhood. For little older kids, you can start a monthly/weekly allowance, which will help them learn how to handle money. It is also wise to hand in notes of different denominations (Rs 100, Rs 50, Rs 10) while giving them their pocket money. This will further encourage them to save. Also, easy to understand and light hearted discussions about the value of money and how it is earned are a good way to begin with.
Rewards and Expenses
Shopping with your child
Let your child make mistakes
Involve them in your financial decisions
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