In an increasingly cashless world, how can parents start teaching financial literacy early – budgeting allowances, saving toward goals, limiting impulse buys, earning through chores and work, investing wisely, and learning the value of charitable giving – to equip kids ...Read more
In an increasingly cashless world, how can parents start teaching financial literacy early – budgeting allowances, saving toward goals, limiting impulse buys, earning through chores and work, investing wisely, and learning the value of charitable giving – to equip kids with money management skills for life?
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First of all, I would teach my kids that money is an exchange for value offered. I would do this by giving them small tasks and giving them cash incentives for completion of those tasks. I would also teach them about savings by taking a part of their pocket money maybe 5 cents and putting it in a boRead more
First of all, I would teach my kids that money is an exchange for value offered. I would do this by giving them small tasks and giving them cash incentives for completion of those tasks.
I would also teach them about savings by taking a part of their pocket money maybe 5 cents and putting it in a box to open the savings box at the end of one year to their amazement how much they have gathered.
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