Let’s Develop Financial Resilience From A Young Starting With Your Child
Want to raise children who are financially savvy and have enough savings to tide over unexpected life events like unemployment and unexpected healthcare expenses? Financial resilience starts at a young age. Most experts would recommend to educate them on simple financial concepts whilst they are young. Children are highly perceptive and pick up money habits at home while they observe how their parents make decisions on everyday expenses. Here are some ways to inculcate good financial habits to children at home: Start small Start the concept of savings by asking your children to save for a toy or an item which they want. Make it a short-term goal and something which they can work towards to. Give your children different jars to compartmentalise their “savings”, “spending” and “investing”. This way, they are ingrained since early childhood that not all money given to them should be spent. Giving Cash Rewards To Children – The Carrot and Stick Approach in Parenting Housework Train your children to be responsible individuals who will clean up after themselves. Set up a schedule of tasks/ chores which they have to complete and reward them with pocket money to instil in them that they have to work [...]
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