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How To Make Children Money Wise
The document provides tips for making children money wise. It recommends getting children involved in family money matters, opening a bank account for them, and developing good saving habits. Children should understand the importance of saving for emergencies, future goals, and to achieve spending goals. The document also stresses educating children about investing and letting them research investment avenues to help them set financial goals. Overall it promotes including children in financial discussions and decisions from a young age to foster responsible money management skills.
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How To Make Children Money Wise
- 1. HOW TO MAKECHILDREN MONEY WISE SOURCE-THE FINANCIAL EXPRESS 15TH OCTOBER 2010 PRESENTED BY SAUMYARANJAN PRADHAN ROLL NO-34
- 2. SOME IMPORTANT WORKSHAVE TO DO • GET YOUR CHILD INVOLVED • OPEN A BANK ACCOUNT FOR YOUR CHILD • DEVELOPING A SAVING HABIT • SAVINGS AND INVESTMENTS ARE IMPORTANTS.
- 3. GET YOUR CHILDINVOLVED • 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
- 4. OPEN A BANKACCOUNT • 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.
- 5. DEVELOPING A SAVINGHABIT • 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.
- 6. 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.
- 7. Some instruments suggestedby Adhil shetty,CEO of Bank Bazar.com NO CHILDS PLAY Monthly allowance Car washing rewards Setting dinner table rewards Clean up room rewards Gifts from friends/relatives/grand parands Total income
- 8. SAVING Deposit in bank(20%) Deposit in emergency fund(10%) Total savings
- 9.
- 10. “THIS STRATEGY NOTONLY USED IN CASE OF CHILD BUT ALSO USED IN CASE OF US”