Raising Financially Independent Kids:
It is never “too early” to introduce the concept of Money Management to kids’. Even if you haven’t discussed directly with them, they hear how we talk about our finances at home, how our buying behaviors are determined. Raising Financially Independent children is the need today. Millennial kids need to understand the importance of savings, managing their expenses, and even investing money.
The way our kids will manage money in the future depends a lot on the kind of exposure and learning they get today. Hence the earlier you start, the better it is for them.
How do I make my child Financially Independent?
1. Save, Spend, Give model:
Start with creating individual Money Jars. Create labeled jars, each for Saving, Spending and Donating. With these jars, your child can decide to divide the money earned and see how it works. Money-saving is…