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Q.

How to make children realise the value of money?

Tags: money, electronics, cars & bikes
Asked by ankit shivam, 02 Feb '11 09:55 am
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Answers (8)

 
1.

The benefits of teaching your children about money can be both short and long term. Let your children help you determine how to teach them. Use their questions to develop lessons.
Explain to children that money is earned. Consider paying them for helping with certain chores.
Use a piggy bank to help teach about savings and interest. Set a savings goal to encourage your children to save some of their allowance. Calculate how much is saved each month and chip in a certain percentage as interest.
Take your children to the bank to open a savings account requiring a lower minimum deposit.
If you extend credit, issue an IOU, set a repayment schedule, and charge interest.
Review compounding, or the ability of interest to build upon itself.
Once your children begin earning their own money through part-time jobs, introduce them to investments such as stocks and mutual funds
Answered by Gosht Singh, 02 Feb '11 09:59 am

 
  
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2.

We have to show them in our behaviour. If the child sees us wasting money on avoidable expenses, he will never understand its value
Answered by Aditya Misra, 02 Feb '11 10:05 am

 
  
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3.

I think one hour interview on CNBC with Warren Buffet, the second richest man who has donated $31 billion to charity explains well not only for children but for all of us also ...
He bought his first share at age 11 and he now regrets that he started too late!
Things were very cheap that time.

Encourage your children to invest



He bought a small farm at age 14 with savings from delivering newspapers.
One could have bought many things with little savings ...more
Answered by PARTHA PATHAK, 02 Feb '11 10:02 am

 
  
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4.

Give them little jobs , safe jobs, let them earn it
Answered by SweetRose, 02 Feb '11 09:57 am

 
  
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5.

Maine is month ka kharcha bete ko diya hai chalane ko...lets see it works or not :)
Answered by Manju Sikri, 02 Feb '11 10:06 am

 
  
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6.

Dear We can't teach regarding realise the value of money, becoz of spoil his/her eductational distrub mentally. Once clear mind when start to question! then we must teach step by step.
Answered by Vasudevan Govindarao, 02 Feb '11 10:02 am

 
  
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7.

A family Setting goals is fundamental to learning the value of money and saving., Later on, they also will realize th actual value of money.
Answered by Jaagriti, 02 Feb '11 10:01 am

 
  
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8.

Give them............ lessthan enough pocket money..............and tell them to use only on prorities...........
let themdecide their priorites...........
Answered by anushka desai, 02 Feb '11 10:00 am

 
  
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