Why do kids ask so many questions about everything? It’s their curiosity, right? Their will to know the things they don’t understand. Children use their logic to understand things. So what if their curiosity can be turned into something better to get them prepared already for the outside even before they grow up? It is a statistical fact that humans learn most effectively by actually experiencing things themselves. And being financially equipped is one of the most advantageous things a person can have in his life.
There are a lot of ways through which kids can be young experts in this field:
Sending kids to markets to buy stuff from home with a limited amount of money so that they can learn what to and what not to prioritize while buying those items and controlling their urge to buy unnecessary things like maybe toys, snacks etc
Giving them pocket money/allowances on a regular basis is a healthy idea so that they are kept in check of their wants and needs as well.
Opening a bank account is also a very productive idea. You can deposit the allowance/pocket money into their bank accounts and not give them cash. This way they can learn how and when to use debit cards of their bank accounts. Expenses by them can also be tracked in this way.
Even if you don't give them a bank account of their own, they can be encouraged to do planning and budgeting monthly/weekly according to their wish and try to stand by that plan. This will make them compliant to themselves which is what lacks in most of the people these days.
If you want to make them understand the worth of every penny, you can encourage them to earn money by doing small tasks, chores or errands not only of their houses but also maybe in nearby stores, or maybe neighbours as well.
Life can be a little bit sweeter if you get rewards for doing a little extra or something really good right? So rewards can be given to kids who do make you proud by doing something good which will also make them a good person.
Savings is another silver lining to make them future ready. If they know the advantages of saving now, they're almost ready to take on the world on real tasks.
Once you think they are ready enough, you can indulge them into more technical and deep sectors of finance side like stock marketing, investing, auditing etc
But with all this if you have a mentor for the kids in all these situations, be it you or someone else, it is the best thing a parent can aspire to. You can approach any professional for advice or maybe an online course can set things right. Cerebro Kids is one of those professionals which can guide your kid in the best way possible. You can give it a try.
BE, BMSCE, Bangalore
Shubham is currently pursuing a BE in IT and will graduate in 2022. Loves to learn and help others anytime anywhere. Believes in focussing on good things around.