I want a new doll. I want new toy car. I want a new video game. I want a play station.
These are the regular demands or say instructions given to parents by their children. Kids even at the age of two and half force their parents to buy something or the other of their choice. That means that kids can really understand the meaning of buying i.e. with money we can buy anything from the market. And this is the right time to start making them aware about the use of money, that how the money should be used wisely.
Children in their teens start believing that they can obtain whatever amount from their parents and gradually parents become like a borrowing bank for them. Most of them do not realize that the money they are spending is hard-earned by parents.
This happens because they have never been educated about the value of money and have never been trained to spend it judiciously. Kids should understand that money is always earned and that it paves the way for future wealth. The earlier you start the better it will be.
Here are some ways to make your child Money Smart
Last but not the least, kids always learn what they see and experience, therefore, parents need to present a good role model by managing their funds nicely. Also parents can discuss the regular shopping list with kids which will make them responsible for their spending decisions. By helping kids to learn money management we as parents can actually ensure a better financial position for them in future.