Small things, the firsts in life, are always cherished. For instance, I still remember my first purchase, a pack of chips and some spices for my mom’s kitchen. The otherwise regular affair was a feat for me because it was the first real transaction I had made. The joy of successfully getting what my mom needed and the pride of handing over the exact change to her were priceless.
Money management has been an integral part of our adolescence with our parents leaving no scope to harp its importance in our lives and the need for smart spending while saving a penny for the hay day. Understanding the gothic was so vital that we were introduced to small concepts in our early childhood, so we inculcate good money habits in the long run. As much as it is important to learn the tricks to smart financial management it is equally necessary to introduce kids to the subject early in childhood to help them appreciate and accept differences and become well-rounded contributors to the society.
We state a few benefits that an early introduction to financial concepts can bring to your kids.
- Concept of 3S
Learning how to SAVE, SPEND & SPLURGE where it matters is an important lesson that needs to be imbibed in kids, guided by parents and teachers. Understanding this concept is essential for kids to learn the necessity for balanced spends at home and outside.
- Encourage Holistic Development
Financial education assures a complete understanding of the social & cultural surroundings, thereby building a strong foundation for a kid’s emotional, social, physical & mental development. Parents and teachers, being the closest to kids, should identify when the adequate support must be extended.
- Enthusiasm for Lifelong Savings
Early financial lessons should be given in a fun and exciting way to keep kids hooked on the subject besides encouraging them to follow the concepts in real life. An understanding that money saved can act as a safety net whilst providing a sense of security will encourage them to put away a penny. We need to inspire a thirst for savings with enthusiasm to ensure the habit lasts a lifetime.
- Convey the Value of Savings Through Experience
Set an example as role models and provide actual life experiences on how you managed your expenses to save for emergencies and other important activities. This will give them a clear idea and be inspired to implement the same in their own life.
The knowledge of monetary dealings teaches the value of respect. Here the idea of respect is not limited to people and belongings, but the environment, both immediate and global. There is no better time to learn this than in early childhood when civility and manners are taught and learned organically.
While you are confused on how to go through the first steps, we help you with an incredible start. Edyoo in association with Junior Finance Wiz offers a great opportunity for kids to be introduced to financial management in a multitude of interesting ways. Enrol them for the Olympiad and see them brood over a pack of books specially crafted to make finance learning fun and exciting. And, this with an opportunity to win 5 lakhs. For more info, visit bit.ly/JFW_Edyoo.