Five Ways to Teach Your Child to Manage Money
Every parent wants to provide more for their child. By becoming a parent, our responsibility increases, and we need to have a long-term plan for financial security for the child and his future. At the same time, of course, we need to teach the child what money means and that he should have a proper relationship with it.
How can you most easily help and guide your child on how to use money?
Above all, teach your child what it means to use money wisely, to save and to value what he owns in the right way.
Determine a certain amount of pocket money when you reach the appropriate age
With this procedure, your child will know that he is receiving a certain amount and will have to use it responsibly for everyday or greater desires. It is important to explain to him that this pocket money is his personally, and with that you will keep in mind his spending habits, but also his trust.
Buy him a purse, or buy it together
With this you give the child a certain kind of task, which would potentially mean collected money in the future and the opportunity to choose something for which the child himself managed to raise funds, and his self-confidence will be increased after that.
Open a children's savings book.
This banking service is a great way to make a long-term investment in your child's financial future. With excellent conditions, the example of Halki, The children's savings deposit "Halkbank" AD Skopje offers you a good opportunity to do this today.
Teach your child to pay only.
When you go to the market, toy store… Give the child money to pay the bill. In this way, you teach the child to create a relationship with the money and with what he buys and pays, and also to know if he should get a change. Create a situation for the child to learn and distinguish the types of banknotes he has not seen and to know their value.
When needed - say no
No matter how much you earn, it is important to say "no" to your child sometimes, because simply, you can not always spend money on everything. Encourage him to save or make a plan that he needs most at the moment. Always let him have a choice, but do not overdo it.
With these five directions, you will be able to successfully guide your child, which means managing money, but you will also have the opportunity to save money, which will be used for his education, travel or the realization of dreams.