Your Child Is Now Ready To Understand & Manage Money

Your Child Is Now Ready To Understand & Manage Money

You might have started giving your child allowance or whenever his grandparents come over, they might be giving him some pocket money. Your child now knows his numbers and can do some basic calculations as well. So this is the time when you can start to introduce the concept of money.

What you need to know

This is a good age for your child to start coin collection as a hobby. Giving your child the idea of saving will go a long way for your child’s future. Your child at this age loves to pretend play and may be using pretend money for his games. When your child gets to handle real money he will be all excited and you can let him go to the nearby store and work out small money calculations also. It will also be a good idea to take your child to the bank and help him open an account. Let him manage his own pocket money and make small purchases and savings.