Children's Day 2023: 5 basic tips to make your kids financially literate
Children's Day 2023: This Children's Day, Zee Business has curated a list of things parents and guardians can follow to teach their kids the importance of financial literacy.
Children's Day 2023: Children's Day, also known as 'Bal Diwas,' is observed on November 14 every year in India. This date commemorates the birth anniversary of the nation's first Prime Minister, Jawaharlal Nehru, affectionately known as 'Chacha Nehru' by kids. Children's Day is also celebrated to highlight the needs of the children in the country, such as their access to healthcare and education. On this special day, Zee Business has curated a list of things parents and guardians can follow to teach their kids the importance of financial literacy.
1. Monthly allowance
Parents can fix a monthly allowance for children and let them understand the importance of spending and saving. The habit of a monthly allowance will help kids realise how much to spend and which items to spend on. This will help them understand the importance of budget allocation.
2. Write down expenses
Elders should ask children to write down all their expenses, from small to big, daily. This will help them understand where they have spent the money and whether it was worth it.
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3. Introduce them to the concept of saving
If children want to buy a toy, don't just buy it for them; ask them to save from their allowance and buy it themselves. Teach them to differentiate between needs and wants, and tell them to save accordingly.
Children should be taught to make a monthly budget and follow it. Budgeting is a concept that not only helps them understand the importance of spending on the right things but it also makes them financially stable in the future.
5. Open a bank account
Numerous banks offer a child-friendly account with no minimum balance. Enrol your children there and watch their money grow over time. Inform them about the workings of a bank. Discuss the concept of interest and how banks reward us for saving money.