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[Parenting] Your child’s money management education, why you should do it from your childhood

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There are many things that need to be taught to children, from academicity to courtesy to personal education. However, there is one more important thing to teach. It's just money management. Today, let 's learn about money management education for children who are shining brightly in advance.

Recently, the US International Student Assessment program has found that many teens did not learn proper money management, according to a financial knowledge assessment of 15-year-olds in 14 countries.

Of course, these days teenagers can part time and feel the value of money, but there is not much knowledge to manage their money. Heather Battision, vice president of credit information company Transunion, explained that understanding in the financial sector is a key element in understanding common fund management and credit bases. It is pointed out that parents should teach the fundamentals such as credit accounts and money management directly.

Fund management training

In fact, it is very important to teach the importance and proper management of money from your childhood. This is because there are quite a lot of things that children can understand at a young age, so it is timely to teach them as early as 5 years old or when they start getting pocket money. Experts say it's a good idea to teach the fundamentals of the budget and the fundamentals of the investment before you become a teenager.

In particular, customized education is also good. For example, when you buy something at a grocery store, you can turn it into a moment of education. You can teach them how to choose a valuable item without looking at the brand. Also, let's create a shopping list so that we can eliminate the ones we do not need and reconsider what we should buy first.

Some parents also teach money management by giving money every week. If you do not like this, you can replace your pocket money with a certain amount when you have done errands or received good grades. Whichever method you choose, you can create and manage a bank account to save your pocket money.

But you do not have to show them too perfect. If there are mistakes or accidents related to money, it can be a better education if you tell your child honestly and let them know what you have learned. Keep in mind that you should proceed in the form of discussions rather than admonitions or lectures. It should also teach you the importance of paying in time to know the concept of debt. At this time, it is good to understand credit card as loan.

Benefits

If children have understood the importance of managing these funds from an early age, they become socially successful when they face financial problems. Teaching fundamentals and understanding the fundamentals is helpful for children's personal development. Fundamentals such as budgeting, spending, and saving come back to good habits when you later live your life.

There are many ways to teach how to manage money, but the way to teach it, the most important thing is to make sure that money management can be accepted as life skills on its own. Once these concepts of money management are installed, an adult will be able to sustain a responsible livelihood.

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