Encouraging your children to plan, save and watch their money grow will teach them to be more patient and disciplined with their money.
Setting up a kid’s savings account is a great tool which can be used by children for monitoring, managing, and saving their money. Having their own bank account will teach them the responsibility of managing their own finances. Walking your kids through their online banking is a fun and interactive way to educate children about managing their money, while also being safe.
Children need to see the effort it takes to earn money. Try setting up a reward system and pay them with money paid directly to their account. With hard work, they can place a higher value on the funds they have. This will teach them discipline and help them understand that money is earned.
Budgeting and spending
Get them to set up a budget each month and let them take control of their spending. Ask them to budget for necessities like school stationary, savings and pocket money. Whenever possible, go shopping with them and guide them when necessary.