Financial independence begins with financial discipline that you can inculcate in your kid from a very early age. Here, we are suggesting some simple tips to you that can use to make your child financially smart.
Read in Hindi: आपके बच्चे के लिए सर्वोत्तम उपहार है आर्थिक आजादी
1. Play games with your child that encourages financial thinking. A good old board like business, monopoly and other variations of these games for younger kids stimulates financial thinking in them.
2. Use mobile apps to teach the basics of financial discipline to them. You can introduce them to simple financial apps that can teach the basics of budgeting and tracking expenses that you can help build good financial habits.
3. Use the pocket money to impart money making lessons to kids. Show them how they can earn extra moolah by completing chores around the house or running small errands for you.
4. Get them to learn by their failures. Instead of punishing them at such times, use the opportunity to tell them about the right money management.
5. Patience pays in the long run. Ingrain the habit of investing regularly over the long run. They can save money for their toys, gadgets, cameras when they complete their primary educational goals.