5 Ways To Raise Financially Responsible Children - AMEBO ONLINE NEWSPAPER


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5 Ways To Raise Financially Responsible Children

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Whether they are too young or old enough, raising financially responsible kids doesn't require you starting them at a certain age because making money is not specific to any age, it is never too early to set your children on this path.

Just teach your children these five ways so that they can be responsible with their finances.

1. Teach Them To Save

All those money your children gets from people, including you, what you can do is get them a piggy bank where they can be saving it.

Any little cash they get, be it a gift or errand tip-off, let them form a habit of putting it in their saving bank.

2. Make Sure They Spend Cautiously

As kids, it is easier for them to get swayed by trivial and enticing things which appeal to them. This means they can easily use their money to buy toys and other such things.

What you as their parents can do is to ensure that they instead buy meaningful things.

Instead of a new toy, let them buy a book or a pencil or a crayon.

3. Open A Bank Account For Them

Thanks to bank initiatives like Smart Kids Save, you can now open a bank account for your child who is as young as any age.

This is very important because from that account you can even save up enough money to take care of their future.

4. Play Monopoly

Unorthodox as this advice may sound, it actually works. A game like Monopoly is fun and will teach your children about money and financial responsibility.

It will teach them the importance of having money, what happens when you spend lavishly and go into debt.

Losing money several times in the game will teach them how to manage their resources in real life.

5. Lead By Example

Children learn from their parents and they pick up habits from them.

If you are a financially irresponsible parent, it is possible that your kids might pick it up from you. Try to instill a saving quality in them.

How else can you teach your kids to save money? Tell us in the comment section.

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