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Money management: Catching ‘em young
Money management is not an easy task for adults so by that rule, it should be even more difficult for children. Actually, the reverse is true. You will be surprised to know that children usually tend to follow the example set by their seniors. So if you teach them good money management and how to budget their weekly allowance then they will readily imbibe the practice.
But the trick is to practice what you preach. So if you want your little ones to learn how to be responsible with their money, you should begin being responsible with yours. You should show them that you value the money you earn and refuse to splurge it on unnecessary frivolities. This will teach them to be more careful with their allowance. Also, you could teach them to maintain a book with accounts of how they spend their money. At the end of the week or month, you could sit with them and figure out areas where they could cut costs. This may sound ridiculous, but in the end, it will teach them how to keep the money they earn.
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