From the very beginning, the school going children should start talking about important information about money management, which could make them understand the difference between saving and fraud. This will prevent them from fretting in the future.
Put a habit of saving the child from childhood, like Piggy Bank.
Explain to them that you can buy things you like, such as bicycles, skates shoe, cricket kits etc., with the deposit in Piggy Bank.
Explain the importance of money to children from childhood.
- To fulfill the demands of children, do not lie to them, nor do any excuses.
- Give children a fixed amount as a pocket money and explain their value to them so that if they are needed, spend it.
- Ask them to make budgets for expenses that meet their small needs.