8 Ways to Teach Your Kid Fiscal Matters
Do you want your child to be perfect in financial matters? Are you ready to teach them the basics of fiscal matters? So here are 8 activities which can teach your child about fiscal fitness. These activities are simple and will make your child understand fiscal matters in a more playful manner.
Choose Pay Day:
Choose same day every week to pay an allowance to your child. Ask them to plan their expenditure and savings. Remind them that once allowance is spent then they will not be paid till the next pay day.
Teach him the Value of Money:
Ask your child to divide his allowance into 3 parts- long term, short term savings and expenditure. Ask them to collect these amounts in separate jars or piggy banks to avoid mixing up. Also encourage them to do small amount of charity.
Teach ABC of Banking:
Take your child to the bank and explain him the transactions. In this task you can seek help of the bank manager. Make sure that your child sees the bank vault.
Widen their Accounts Knowledge:
You can open a saving account for your child. To make him understand the working of compound interest, review the bank statements with your child.
Teach Him Priority-Based Shopping:
Ask your child to leave his money at home while going on shopping with you. This would allow him to access the prizes of different things and to plan ahead. Rather taking impulsive decisions your child will learn to take thoughtful decisions.
You’d Better Shop Around:
Take your child along with you for the next bulk shopping and ask your child to help in comparing the costs and quality of different shops.
Train Him to Save for Future:
Let your child understand the college expenses. Involve your child to set-up a college fund and also ask your child to contribute a little in the fund.
Tax the Family:
Ask every member of your family to contribute a small amount of their salaries. Collect these contributions in a jar. This activity will help them understand the benefits a community enjoys with the taxes. You can buy a surprise gift for your child at the end of the year.