Research shows that money habits are formed from a young age. Start with your child's allowance, says Lana Visser.
Research shows that money habits are formed from a young age. Parenting is already an enormous responsibility, but teaching children how to manage finances responsibly is an important life lesson.At a young age, they have no needs to pay for which are essential to their survival, but they may feel the need to have spending money.
As your children get older, you can teach them the importance of budgeting. There are five easy steps to do this.Help them to allocate a portion of their allowance to saving , a portion towards valuable purchases and a portion for spending. It is always good for them to have something to show for their financial decisions later down the line, including a healthy savings balance!The experience of opening their first bank account can be somewhat exciting for a child, especially when they receive their own bank card. You can take them into your nearest branch and help them to understand the process.
Our children are growing up in an age where everything is digitally accessible. For teens who have mobile phones, there are many apps which they can use to track their spending. Help them to find one which suits them and is easy to use.
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