Introducing Financial Education to your kids

Threads.

1.let them work for their pocket money with specific task and chores assigned to them. To make it interesting you can create a payslip for them with deductions such as tax .savings .expenses etc so that they understand this concepts at an early age

2.when doing grocery shopping assign a specific area of your groceries to them eg detergent and personal hygiene .give them limited amount to buy this .This will teach them how to be smart shoppers and working within a budget .this will depend Age of your child

3 open bank account's and investments account such as unit trust.bonds.shares portfolio and start to educate your child about compound interest .how this investments work and the Value of time in investments

4. Preach financial education values such as not spending beyond your means, compulsive shopping, the negative of showing off

5. Teach your kids the difference of assets and liabilities give them example of assets that brings money in their pockets such a s education. Skills property etc, and teach the. About liabilities that takes aways money like having bad friends, buying car when Don need it, etc

6 .teach your kid's about debt .the difference between good debt that buys assets such as property and expensive short term debt that buys items that depreciate in Value such as buying furniture via credit. Buying clothes on credit and having credit cards