MunchKins to CEO

Not every parent has to be any finance professional to teach their kids budget. Many kids take money for granted without realizing about parents hard work and hard earned money.

To bring certain amount of responsibility and realization among them we need to try certain steps:

• Stop treating them as kids and hand over a certain amount of cash asking them to buy within the amount given to them. Let them decide what’s important and quantity they should get. Let them be the boss of their own grocery - their toys/ chocolates/food. They will learn to calculate easily and adjust their needs according to the amount given to them. They will learn budgeting and smart investment i.e. what's important and not important to them and might hold their needs for next month or might cancel the plan of buying it in future.

• You can also open savings account for your child where they will know the importance of saving. They can save the amount by depositing in their bank account. An increase in amount in their account will encourage them to save more.

• Let them pay i.e. school fees/ bus fees/ utility bills etc. directly either in person or online. Make it mandatory for kids to pay utility bills as kids are quite careless in keeping the taps and lights on. Through this they will know the importance of saving water, electricity and sustainability too.

• Encourage them to maintain a diary where they can record the amount that has been paid by them and saved by them

When you treat these little munchkins as CEO of their own world they will understand the responsibility and will get exposure to the world and be confident. You will find a loads of difference in them once you start handing them monetary duties.

Do comment below if you found my tips helpful and do advise me more ideas if you have some.