Fri. Jul 30th, 2021

Financial Planner

Tips, tricks and guidline for financial planner

Financial education needed for children

Financial education

The issue of money with the smallest of the household is always small children are like sponges as they absorb all the information around them, so it is very important to teach them habits and attitudes that will affect their behavior as they grow up. One of the most important habits to teach is the administration of money and the value of it.

Financial education

The following financial tools are ideal for sharing with children:

Investment: Many banks offer child savings accounts. This way, children will save their money safely and enjoy returns so they can learn that there are options for saving money. Budget: The obligatory weapon to be shown to the children to write down the monthly income (allowance, Sunday) of the children in a leaf so that later they write their expenses will help that they know how much money destine to each thing and they can make a comparison. In the end, knowing your expenses will make them more aware of your financial decisions.

Defining priorities: Children must learn to define their priorities, so they will learn to distinguish between what they may want and what they really need. Self-discipline: Waiting, searching and comparing will help the little ones to dominate themselves, make them more patient in the future they will choose better products and services, which will end up making better buyers. Gratuity: It is good to give the children a monetary value as an allowance but not before reminding them that this money must pay them until the next agreed date.

Loan: If the children want to buy something but cannot afford it they can receive a loan. However, you must remember that this amount will be deducted from your income allowance so you understand that money was not a gift and that there is a way to get what you want but carries a responsibility (loan repayment). There are more financial lessons to teach the value of money to children it is best to go systematically and as parents, it is best to hope that these teachings will improve the financial attitudes of our children.