| Isn't it an irony that we teach our children to read | | | | open an account in the nearby bank and later a |
| and write but disregard the importance of a financial | | | | target monthly savings. Even if that little amount is |
| education for them? Isn't imparting and teaching | | | | just ten cent per day, you will be surprise how |
| money management skills and knowledge to our | | | | quickly their savings will grow. The children |
| children just as important for them to be ready to | | | | themselves will be pleasantly surprised. Reward them |
| face the reality of the real world we live in? | | | | if they meet their monthly target. This way, good |
| Due to the ease of obtaining credit cards these days, | | | | saving habits can be inculcated into them early in life. |
| there are now more reports of youths in their | | | | 2. Introduce them to the Monopoly and other cash |
| twenties and early thirties in position of debts than | | | | flow games that are available in the market. These |
| ever before. It is due to such a scenario that it is | | | | games are a good way to educate them on the |
| imperative that children of today are taught to be | | | | basic principles of budgeting and the understanding of |
| financially literate with the right money management | | | | incomes and expenditures for purchases. |
| skills. | | | | 3. Encourage them to take up part time jobs during |
| The following steps could be taken to educate your | | | | their school break to earn some income and extra |
| children on basic money management:- | | | | pocket money. |
| | | | There are many books written to guide and assist |
| 1. Start off by setting up a savings account for them. | | | | you on a financial education for your children but |
| Give them an allowance, an amount slightly more | | | | since this subject is not a syllabus in the most school |
| than their daily estimated expenditure so that they | | | | curriculum, it will be up to you to take the necessary |
| put into their piggy bank that little extra daily. Explain | | | | initiatives in teaching the necessary money |
| to them that they should put aside say perhaps 10 | | | | management skills to them to pave the way for |
| to 20% of the allowance given. Set them a target to | | | | them to gain financial independence early in life. |