5 Best time-tested ways to teach your kids about money

management

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• Weekend shopping : Why you think buying clothes on sale is a better idea;

• Dining : Family can enjoy same tasty food in a less expensive restaurant or even home;

• Utilities : How reducing AC’s usage would save thousands in electricity bill;

1. Be good role models

To read the full article click: 5 Best time-tested ways to teach your kids

• In the era of Xbox and Play station there are no better and fun ways than videogames to teach your kids financial skills.

• Kids can play popular online money management games such as Road Trip to Savings, Financial Football, Peter Pig’s Money counter, Money Metropolis , Financial Soccer, Record shop tycoon, Burger Restaurant etc.

To read the full article click: 5 Best time-tested ways to teach your kids

2. Financial Games

3. Encourage

Saving towards

goals

• Sit with your children and discuss things they want to buy in near future (toys, games, bicycle etc.).

• Help them calculate how much they need to save daily to reach those goals. Gift them a piggy bank to put the money.

To read the full article click: 5 Best time-tested ways to teach your kids

4. Make them earn

pocket money

• Kids need to understand that money doesn’t grow on trees, but is earned through hard work.

• Parents should encourage children to earn pocket money by getting involved in tasks.

• If the kid is 7-12 years old, give them household chores. For teenagers, getting a part-time job is a brilliant idea.

To read the full article click: 5 Best time-tested ways to teach your kids

• Provide your kids with overall budget objective and give them money to come up with a plan.

• For example ask them to plan a Sunday picnic. Let them come up with all activities, food, fuel and other costs within the strict budget.

• Let them do the payments for these expenses. There is no better teacher than failure or mistakes.

5. Give them Budget

projects and let them

make mistake

To read the full article click: 5 Best time-tested ways to teach your kids

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