Financial Management 1

Make that child Accountable!

Accountability and financial management are one of the best virtues that one should impart a child with. They are life savers.

As always, this is a key role of parents, it cannot be left to the schools. Is your child wasteful? How can he/she be helped?

The first way to relate with children and pass knowledge across to them is through effective communication. Complaining, punishments or beating might not do the trick. (I speak to myself).

The child has to understand how we come about the funds, money to get the food and fees.

What does daddy/ mummy do for a living? Taking children to our work places set them thinking a lot. (Countless number of questions will follow, please let’s answer them patiently).

Communication continues by finding out what the child will like to do in future and getting him or her useful tips or information on the proposed profession. This allows the child to understand the concept of work and profitability.  

This little exercise also enables us to introduce the concept of wealth and how it can be amassed. Help your child understand that to enjoy that beautiful future, he/she has to save up for it.

Open an account for that child today and hold work with him/her to save money in the account.

This exercise will unfold your child’s attitude to money.