HOW TO MAKE CHILDREN MONEY WISESOURCE-THE FINANCIAL EXPRESS 15TH OCTOBER 2010 PRESENTED BY SAUMYARANJAN PRADHAN ROLL NO-34
SOME IMPORTANT WORKS HAVE TO DO• GET YOUR CHILD INVOLVED• OPEN A BANK ACCOUNT FOR YOUR CHILD• DEVELOPING A SAVING HABIT• SAVINGS AND INVESTMENTS ARE IMPORTANTS.
GET YOUR CHILD INVOLVED• To begin with, get your child involved in money matters of your home.• When you are discussing your home budget or investments ,savings or expenses include your child.• It will develop their thoughts about savings and investing money
OPEN A BANK ACCOUNT• You can have joint bank account with our child .• Let your child to deposit a part of his pocket money into his bank account .• let you make your child to take won decision about saving money and withdraw .which make him decision maker.
DEVELOPING A SAVING HABIT• It is important that a child understands the importants of saving his money.• Saving for three reasons• To save for future.• To fall back on in an emergency.• To achieve some spending goal.• Child should have some income & spending chart.
SAVINGS AND INVESTMENTS• Educate your children about growing their money by investing.• Let them research avenues for themselves.• You can guide them as to how to compartmentalise their savings• Which will make them financial goals in life.
Some instruments suggested by Adhil shetty,CEO of Bank Bazar.comNO CHILDS PLAYMonthly allowanceCar washing rewardsSetting dinner table rewardsClean up room rewardsGifts from friends/relatives/grand parandsTotal income
SAVINGDeposit in bank (20%)Deposit in emergency fund(10%)Total savings
ITEMS OF EXPENSESMoviesRestaurantsPetrolsTotal expenses
“THIS STRATEGY NOT ONLY USED IN CASE OF CHILD BUT ALSO USED IN CASE OF US”