The teens today know the price of a lot of things but they hardly know the value of anything. Finance management is quite a lot about knowing the value of the money. Many people find their finances in shambles when they grow up because they do not learn how to handle the money well during their teenage days.
It is up to the parents to make sure that their kids understand how to manage the finances so that they don’t face the problem when they are on their own. Therefore, as a parent you should make them learn how to deal with their finances from the early age. Here are some tips for the parents and the guardians.
Make them earn everything they want
There are so many things that the kids and teens desire and ask for. One of the biggest mistakes parents make is that they make all the things easily available to them if they are able to afford it. A lot of parents do this because they want to avoid the hassles of dealing with their kids. If you have the money it is always easy to give your kids and teens whatever they want. This makes things easier for you. However, you care for your teens and you want to make sure that they learn some important lessons of life at the early age.
So how exactly do you make them earn what they want? There are many ways to do that. Let’s say your teenage kid wants a Rs. 10,000 video game console. If you have the money you may be able to get your kids whatever they want. However, the best way will be to make them earn it. Before you gift your kid with the video game, tell him you will do that only if he meets certain requirements. For instance, you may ask your kid to read a book to earn the video game. In this way kids will not get into the habit of getting things easy and it will help them in the future as well.
Make them have earnings of their own
You don’t have to get your kid into a job to start their earnings. Instead, you can make them do certain work and pay them up for it. For instance, if your kid is good at making drawings, ask him to make some drawings and sell it in the neighborhood. You can also ask your kids to do certain tasks and pay them for it. In this way the kids will start learning the ways of earning at an early age.
Make them understand the importance of savings
Create a piggybank at home and encourage your kids to save money. Motivate them by giving them extra bonuses after certain amount of savings. For example, tell your kid that you will give them Rs. 1,000 bonus if they are able to save Rs. 5,000. Saving money is an important part of finance management and it learning to save at an early age will help kids a great deal when they will be on their own.
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