Tips to teach your child the value of money
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The importance of money is a core value which should be instilled in every child. An early start equips your child to become responsible and grow up to be financially independent. As parents, you may invest in a Child Plan or specifically a Child Education Plan, but involving your child in such investments lays the foundation of making your child understand the importance of money.
- Involve your child in family finances
To begin with, your child should be made familiar with the income and spends in the family. This gives them an idea of the inflow and outflow of cash and creates a mind set for investing later on.
- Give them an early start at earning
Tips for chores as well as, for helping out around the house is an empowering experience for a child. It works to instil an industrial outlook from a young age in your kid.
- Involve them in choosing investment plans
Keep your child in the loop about your child Investment plan. Reminders on saving for the plan will drive home the core value of saving. It will also supplement the habit of keeping a Piggy Bank and saving for other goals that he/she might have.
- Set a family goal
Involve your child in the financial planning of your next family vacation. This not only gives you a chance to bond over a common goal but helps your kid to realise the value of money in making the vacation possible
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The aforesaid article presents the view or an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ before making any decision.
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