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Imparting Financial Lessons To Your Child

Imparting Financial Lessons To Your Child
7 to 8 years tip
7y
Cognitive

At present, your little one is ready to learn some aspects of money. It is a rather tricky thing to make your child understand that money is important in life and one needs to value it immensely. There are several ways to go about it. Don’t allow your child to handle money completely on his own. Also, refrain from giving him anything and everything that he asks for.

Along with that, get him into the habit of earning his own money.  Give him tasks at home like cleaning the pets and cleaning his own stuff and pay some meager amount for that. This will instill the confidence in him that he too can have his own money and at the same time he will automatically start valuing money, and use it better. However, don't give him money for every single task he does at home, as that would be more of bribing. Clearly explain him the difference and tell him it is through hard work that money is earned.

Telling real life stories about the importance of money is yet another way of making your child know its importance. With these efforts slowly he will understand the value of money.