How to inculcate Financial Literacy in your Children

Many of us may have experienced the kid insisting to get alluring stuff being shown on TV in various ads. The kid may be scrolling through e-commerce websites and finding some attractive clothes, toys or, articles of makeup falsely claiming miraculous results. Are they worth buying? Are their usefulness had proven. In several examples, they end up being useless.

Despite having felt their worthlessness, most parents yield to the pressure of their kids only just to make them happy. The big business houses understand this basic instinct and exploit the parent by pushing ads that might allure children and the parent find no way but to buy those stuff for their kids. Thus making a big profit by leveraging their product to target children and adolescents.

This is why we need to inculcate financial literacy in the children from the beginning so that they may develop a skill to judge the utility versus the price of the products, they need. They should have value for money and understand the importance of frugality and savings.

However, on the contrary, we fulfill all the demands of our kids, whether without thinking that whether it is necessary or not. Consequently, children do not develop a sense of financial planning, budget, marketing, saving, which are key for a satisfactory lifestyle these days.

Here are some tips to start financial literacy in children from the beginning:-

Motivate children for saving

Though at first instance, it may sound silly yet it is the perfect way to teach the children to understand the importance of money. In fact, it is the first step towards financial literacy development from the beginning. Children may be pursued to make saving out of pocket money given to them by parents time to time. Let them be convinced that the saved money shall not be accounted for grant of subsequent pocket money, instead, the parents would be happy to know that whatever amount is given to the children is not wasted. In fact, it is utilized prudently.

In the rural area of India, such habit was cultivated in the children traditionally by giving them small money boxes made of clay and designed in the style that there was only a hole in the box to drop coins. Whenever the money box gets full, it was broken to collect the coins. This money was used to purchase valuable items for children. It was really an amazing way to develop the habit of saving in the children. Since the advancement in technology has changed the older way of saving and replacing it in the digital form, now a day a saving account may be opened for them and pocket money may be credited to their account so that they may keep a track of expenses. It is well an established fact, that cash money in hand tends to be spent very quickly. So encouraging children to make payments digitally would eliminate any possibility of reckless expenditure.

Discuss the home budget with kids

The object of discussing the home budget with the children is only to instill awareness into them of how prudently expenses are managed to fulfill all requirements or even to gather surplus money for some kind of extravaganza. It is not meant to give them a sense of financial weakness if any instead to make them learn to adopt prudent preferences when it comes to making some purchases. Sometimes they may be given the task to suggest ways to filter out some money from the home budget to buy a new thing such as a smartphone, gaming console for them. This is not meant to turn children into a person who catches money with their teeth. On the contrary, they would be encouraged to make optimum use of whatever money they have.

Discussing home budgets with kids is an important method to develop financial literacy especially in the girl child. However, it is beneficial for every child as such skill would save them from being duped by the alluring ads that have no real benefit.

These are a few ways to inculcate financial literacy among children and to make them aware of the importance of hard-earned money. Please remember, saving money is earning money and this is the key to happiness.

Comments

Vaccine nationalism will not shorten COVID pandemic, warns WHO chief https://ift.tt/3oqykEN

The World Health Organization (WHO) chief Tedros Adhanom Ghebreyesus has called for solidarity in the rollout of future coronavirus vaccines. In a video address at the opening of the three-day World Health Summit in Berlin, Tedros Adhanom Ghebreyesus noted that it was natural for the countries to want to protect their own citizens first but, he urged, "we must also use it effectively".

Black doctor dies of COVID-19 after racist treatment complaints https://ift.tt/3nR3RiK

A Black doctor who died battling COVID-19 complained of racist medical care in widely shared social media posts days before her death, prompting an Indiana hospital system to promise a “full external review" into her treatment.

Taken with Transportation Podcast: Connecting Community to Transit

Taken with Transportation Podcast: Connecting Community to Transit By The Bayview Community Shuttle is intended to help residents connect more easily with transit lines that serve Bayview-Hunters Point, such as the 54 Felton and T-Third. Accessing public transit can be more difficult for people in one particular San Francisco neighborhood than it is in other parts of the city. So we are designing a supplemental transportation program for this area, the Bayview Community Shuttle. You can learn more in the latest episode of the SFMTA podcast, Taken with Transportation . Host Melissa Culross talks with SFMTA Transportation Planner Christopher Kidd, San Francisco Supervisor Shamann Walton, Bayview-Hunters Point Community Advocates Environmental Justice Director Dalila Adofo, SFMTA Planning Director Maia Small and neighborhood residents about the shuttle, which is expected to begin running in Bayview-Hunters Point in 2024. Christopher Kidd is the planner in charge of the shuttle p...

New top story from Time: Schools Across the U.S. Are Already Switching Back to Remote Learning Amid COVID-19 Surge

https://ift.tt/3B8bWpt (ATLANTA) — A few weeks into the new school year, growing numbers of U.S. districts have halted in-person learning or switched to hybrid models because of rapidly mounting coronavirus infections. More than 80 school districts or charter networks have closed or delayed in-person classes for at least one entire school in more than a dozen states. Others have sent home whole grade levels or asked half their students to stay home on hybrid schedules. The setbacks in mostly small, rural districts that were among the first to return dampen hopes for a sustained, widespread return to classrooms after two years of schooling disrupted by the pandemic. [time-brightcove not-tgx=”true”] In Georgia, where in-person classes are on hold in more than 20 districts that started the school year without mask requirements, some superintendents say the virus appeared to be spreading in schools before they sent students home. “We just couldn’t manage it with that much sta...

New top story from Time: I Interviewed Hundreds of New Yorkers. Here’s What They Taught Me

https://ift.tt/3cgW6zl In 2014 I was given a unique assignment: move to New York and talk to people, hundreds of them, and then somehow create a book using their words to describe the experience of living in New York right now. I spoke to New Yorkers in all five boroughs, in coffee shops, in pizzerias, in elevator shafts, on job sites. At one point, when the book was nearly finished, I began to recognize a by-product of the interviewing process. Something happens when you ingest so many stories from so many New Yorkers. I learned a few things. I learned about express trains and egg creams, the route of the New York marathon and the strange naming protocols of the streets of Queens. I was taught how to steal a car in Manhattan, how to move properly on a sidewalk. Next came a list of specifics: best bagels, best pupusas, best baked clams (Donovan’s in Woodside). But I had no idea that speaking to New Yorkers would mean more important, subtle lessons would be shared from some of...

New top story from Time: U.S. Appeals Court Lets Texas Resume Ban on Most Abortions

https://ift.tt/30cFSna AUSTIN, Texas — A federal appeals court has allowed Texas to resume banning most abortions, just one day after clinics began racing to serve patients again for the first time since early September. A one-page order by the 5th U.S. Circuit Court of Appeals issued late Friday reinstated the nation’s strictest abortion law, which bans abortions once cardiac activity is detected , usually around six weeks. It makes no exceptions in cases of rape or incest . “Patients are being thrown back into a state of chaos and fear,” said Nancy Northup, president of the Center for Reproductive Rights, which represents several Texas clinics that had briefly resumed normal abortion services. [time-brightcove not-tgx=”true”] She called on the U.S. Supreme Court to “step in and stop this madness.” Clinics had braced for the New Orleans-based appeals court to act fast after U.S. District Judge Robert Pitman, an appointee of President Barack Obama, on Wednesday suspended...

New top story from Time: New York Police Seek Suspect After Elderly Asian American Woman Assaulted

https://ift.tt/2PLnYCU (NEW YORK) — An elderly Asian American woman was attacked by a man Monday afternoon who repeatedly kicked her in front of witnesses who seemingly stood by, according to surveillance footage released by the New York City Police Department. The 65-year-old woman was walking along 43rd street when a man came up to her and kicked her in the stomach, knocking her to the ground, the NYPD said. The man then stomps on the woman’s face several times while hurling anti-Asian statements at her, police said. He later casually walks away, the footage shows. The woman was hospitalized with serious injuries. According to video footage, a man inside a building lobby seemingly stopped what he’s doing to watch the assault and later two more men wearing blazers walked into the frame and one of them closed the door as the woman was on the ground. According to real estate website Street Easy , Brodsky Organization is the property developer and manager of the building...

New top story from Time: WikiLeaks Founder Julian Assange Accused of Conspiring With LulzSec and Anonymous Hackers

https://ift.tt/3hZ0cN4 WikiLeaks founder Julian Assange conspired with hackers affiliated with the “Anonymous” and “LulzSec” groups, which have been linked to numerous cyber attacks around the world, according to new indictment by the U.S. Justice Department. Assange, who’s detained in the U.K. on a U.S. extradition request, gave the leader of LulzSec a list of targets to hack in 2012 and told this person that the most influential release of hacked materials would be from the Central Intelligence Agency, National Security Agency or the New York Times, according to a statement Wednesday from the Justice Department. The LulzSec leader was cooperating with the Federal Bureau of Investigation at the time, according to the statement. An Anonymous and LulzSec-affiliated hacker stole emails through a data breach of an American intelligence consulting company that were published in WikiLeaks, according to the statement. Assange indirectly asked that hacker to spam that company a...

New top story from Time: At least 15 People Are Dead and Hundreds Injured and Missing After a Fire at a Rohingya Refugee Camp

https://ift.tt/2NQfc5U COX’S BAZAR, Bangladesh — Searchers recovered at least 15 charred bodies after a devastating fire destroyed thousands of shelters at a Rohingya refugee camp in southern Bangladesh, officials said Tuesday. At least 400 people were still missing and around 560 were injured by the fire, according to Louise Donovan, a spokesperson for the United Nations’ refugee agency. The UNHCR said around 45,000 people were displaced by the fire, which broke out Monday afternoon and burned well into the night. In the aftermath, refugees picked through the burned debris looking for their belongings. Others wept. “Yesterday before the fire started, my kids went to study at the Islamic school. I did not see them after they came back. I found two of my older kids but I still can’t find my youngest son,” said Shappuni, a Rohingya refugee who uses only one name. At least three of the dead were children and the search for victims was still ongoing, said Nizam Uddin Ahmed,...

Gene Henderson: Honoring Muni’s First Black Division Manager

Gene Henderson: Honoring Muni’s First Black Division Manager By Jeremy Menzies In recognition of Black History Month, we bring you the story of Gene Henderson, the first Black man to become the head of a Muni bus division, Muni’s Kirkland Division. Henderson’s Background Gene Henderson was born in Houston, Texas, in 1916. He married his wife Naomi in 1939 and then served in the U.S. Army during World War II. Following the war, Gene and his family moved to San Francisco where he began his career at the San Francisco Municipal Railway. Early Career On February 1, 1946, Henderson was hired as a streetcar motorman out of Sutro Division, which was located on the corner of 32nd Ave. and Clement St. He was hired just five years after Muni’s first Black transit operator, Audley Cole, had successfully fought to integrate the carmen’s union in 1941. In his early days at Muni, Gene worked one of the three lines running out of Sutro Division from the Ferry Building to the Richmond District o...

My precise view

Search This Blog