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Four simple money tips to teach your kids
Key Takeaways
Teaching kids about money early helps them develop saving and spending habits
- Encourage children to set financial goals and track their progress to build responsibility
- Introduce basic banking concepts and allow them to manage small amounts of money
- Use practical activities to make learning about money engaging and understandable
Teaching your kids the value of money is perhaps the most important job you’ll do as a parent. Saving money is a hard lesson to learn for anybody; however, when your kids learn it early in their lives, they’re more likely to make smart financial decisions when they’re older which will save them from costly money decisions.
Wondering where to start? From offering them their own savings account aka piggy bank to letting them earn money, here are four simple ways that will help you teach your kids the value of money:
Differentiate wants versus needs
A child will always ask for chocolates, chips, toys because that’s what they want. They don’t understand the needs - food, shelter, clothing, school fees, etc. Help them understand the difference between the two and how budgeting helps them achieve both in due time.
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Parents must teach their kids the value of saving right from a young age. Gift them a piggy bank which is the child’s equivalent of a savings account. If your kids want a toy worth Rs. 200, show them how each time they put money into their piggy bank, they get closer to the toy’s price. Say your kid earns Rs 10 after he/she helps you do the dishes, once he/she puts the amount in their bank, you add Rs 5; this teaches your kid the value of interest. Step by step, your kid will earn Rs. 200.
Include them in your budget meetings
At the start of each month, when you and your partner sit down to prepare the budget for the month’s household expenses, include your kid into it. When you’re listing all the items and the quantities you want or whether to pay bills via debit or credit card, ask your kid about his/her opinion. If they say, “Let’s buy 20 chocolates”, teach them it’s better to buy two chocolates each month. This way they not only save money but can buy different brands each month as per their liking.
Show them how digital money works
When your kid grows up, money will run online more than 99 per cent. Children need to understand the basics of digital money from a young age. Open a savings account for them. You can try the Minor’s Savings Account at IDFC FIRST Bank. Here, when you deposit money into that account, show them how you do it. Comparing credit cards online? Keep them next to you and ask for their opinion, the more they’re exposed to digital money and finance, the quicker they’ll learn.
Let them earn money
Instead of giving your kids pocket money, let them earn it. Tell them you’ll pay Rs 10 each time they help you with a chore. It could be doing the dishes, helping you fold the clothes and keeping them in the cupboard or cleaning the house or you can also introduce them to genuine earning app. This way they’ll understand the effort that goes behind earning each rupee.
The more you educate and encourage your kids to understand and learn about finance and budgeting, the sooner they will be able to handle their own money like a pro!
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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