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How to teach your kids to be financially independent
Highlights
Nowadays people have become smarter in all activities but that doesn’t really apply when it comes to saving money especially when it comes to teaching their children the same. Here are few tips for saving money:
Nowadays people have become smarter in all activities but that doesn’t really apply when it comes to saving money especially when it comes to teaching their children the same. Here are few tips for saving money:
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Save in Piggybank: Encourage your children to save money in a piggybank. It might help them to stand independently in financial matters when they grow up. If they maintain minimum amount in piggybank can help in opening an account in bank.
Set Goals: Make children to set goals especially when they want to buy a toy or books even if it is a short term goal. If they purchase with piggy bank, it can contribute to them achieving their goal.
Importance of earning Money: Easy way for kids to earn money is at home in the form of chores like maintaining their room - neat and clean, completing their assignments on time, help siblings – a reward can be given in the form of money from their parents for these simple stuff.
Set an example for them: While shopping, give chance to your kids to select their choice of clothes and give the amount to them which is a great way to teach how to manage money.
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