Financial Management 2 (Make that child Accountable)

Happy New Year.....! It's a new year, new dawn, new decisions. 

In our decision making, we need to make a conscious effort to groom our wonderful children and build their financial muscles. I can hear you agree with me that they are not too young.

“Daddy, Mummy……I want a play station 2!"
  
When our children demand for things, we should help them save up some money, then make up the amount needed for such things. This way, we are gradually introducing the concept of seed capital.

No financial institution loans money to any business person without asking them to make a contribution first. Since our children’s accounts are active now, helping them to put money aside from their allowances for things they need is not deprivation , it is training. Having and running an account is a perfect setting to introducing your child to money management.


 Financial management skills are better learnt at a very young age. They help set the stage for productivity and growth. With these skills, success is assured.

Aside saving up for things they need; they will also start learning to invest. Encourage them to buy shares or invest in treasury bills.

Watching their money grow creates stability and the desire to achieve more in them. Gradually, they begin to craft a vision for their future.

Invest in a piggy bank for them to save in before you have the chance to deposit in their accounts.

However, it's not all about a formal setting; kids love to play. Setting aside time to play monopoly board game with them on weekends or public holidays will also reveal the investor you have groomed.