Parents face challenges when it comes to teaching their children about money and money management. It is because money is considered a vital and big abstract. So, it is better to start teaching your child about money and money management from a very early age, so that they will become more expert when they are adults. But the majority of parents think that money does not seem to be much of an issue when their children are young, but it is not a good idea. After all, your child can quickly develop the habit of asking for toys or chocolates.
Gurukul World School, being the best CBSE School in Mohali, always recommends that parents teach the value of money and things from a very early age.
4 Strategies to Teach Your Child About Money Management:
- Start with Physical Currency: If your child is younger than 9 years, then it is better to teach money management with physical currency such as coins and paper money rather than teaching them about the complex banking process. You can start by encouraging your child to put their coins in a piggy bank or keep paper money in a fixed envelope. In this way, you can help your child learn about the basics of money management.
- Teach about Bank: When your child gets older around 10 to 20 years of age, you can teach him/her about the functions of savings accounts and why they are important. Again, if your child is a high school student, make sure to teach your child the uses of representational currency.
- Teach Your Child About Some Common Banking Terms: You can help your child learn some basic banking terms simply by engaging them in some household chores and allowing them to earn money. You can set the rule that the bigger the chores, the more the allowance. This is the easiest way to teach your child about allowance. But at the same time, you should also emphasise that saving and sharing are equally important for them.
- Teach Your Kids to Compare Shops: Let your child see you making a shopping list, calculating the budget, and looking at sales circulars to find out where you can get your preferred item at less cost. If possible, take your child to the grocery shop with you to help them show how to compare brands, and shops to get the most out of your money.
Gurukul World School, being the best CBSE School in Mohali, always shows ways of developing management values in their students. After all, money management is an important skill that every child should be taught from an early age.