While the school teaches children how to be competitive in the field of knowledge, teaching them money matter is your responsibility. Parents often don’t talk to their kids about finance since they think that their children need to be a little mature to handle such a serious topic. They forget that while a child is growing his mind actively supports changes and can grasp basic financial concepts such as saving and spending.
As one of the best CBSE schools in Chandigarh, at Hallmark Public School, we have come up with a few ideas which will help your children form healthy money habits:
• Help your child save money in a jar. When he has enough money, he can buy a toy of his choice. It will help him understand the importance of being economical.
• Help him understand the importance and difference between earning, saving, and spending.
• Allow them to make purchases when you go out to buy groceries. It will give them an idea of how much different things cost and help them realize the value of money.
• Give them some amount to spend for a month in the name of pocket money. A monthly budget can be created which can be helpful while spending money on certain items.
• There are various books in the market, which will help your child understand the importance of being sound with money. Some books are – Curious About Money, Growing Money: A Complete Investing Guide for Kids, Heads Up Money. While your children will get educated about the money matter, it will also help them develop an interest in reading.
• Children keep an eye on whatever you do and tend to copy your mannerism. Set an example by spending money wisely when they are around.
• When your child helps you with chores like washing the dishes, cleaning their room or doing the laundry pay them a little extra. This way they’ll understand how you earn money.
Considered best in the list of top 10 schools in Chandigarh, at Hallmark Public School, we make sure our students know the importance of the most vital asset, i.e., money.