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Useful Tips On How To Train Children On Money Matters by teemystic(f): 1:53pm On Nov 19, 2015
Inculcating a good financial habit in a child is much more valuable than leaving a great amount of wealth for the child. A good attitude towards money and spending will help a child properly utilize the resources available to him. While an undisciplined attitude towards money will result in wasteful living. As a parent, the responsibility of teaching your children how to handle money, save for the rainy day, refrain from impulse buying, control and not be controlled by money, depends on the seeds you plant in them at an early stage. You must therefore find simple ways to pass across the knowledge of managing finances to your kids.
Here are some tips on how to train children on money matters:

* Never buy things just because your children are bored or upset. Teach them to wait for at least 24 hours before buying something they just saw and think they want. You will be surprised how often they forget about those things

* Instill in your children that happiness does not depend on what they want but on being contented with what they have.

* Inculcate a saving habit in them. Money at hand must not always be exhausted. There should always be a reserve. To this end, monetary gifts given or rewards from vacation must not be exhausted on snacks, drinks, recharge cards, toys etc. This will make them frugal in money matters.

* Teach your children early the habit of giving. Create a healthy habit in this regard. They must be taught that while it is good to give, they shouldn’t give out what is of necessity to them. Make it clear to them that they can only share part, not all of their pocket money, so as not to impoverish themselves while enriching others.

* Teach your children early on how to invest and make profit from what they have at hand. With their ages in mind, teach them avenues of making legitimate money. They can engage in crafts.

* Encourage working teenagers to contribute to home expenses. They will grow up to be responsible adults, as this will teach them how to share with their spouses later in life.
Read more on www.healthylifecoupon.com /Useful Tips on How to Train Children on Money Matters

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