Monday, March 18, 2019

Teach Teens Financial Governance Own

Teach Teens Financial Governance Own

Teach Teens Financial Governance Own - Teach children to manage finances from an early age is one of anticipatory action to prevent trapped in a financial mess in the future.

Here are some steps you can take to educate your children, since their teens, to be more disciplined and responsible for managing their financial lives:

1. Quota system
Encourage the child to make a financial plan with spending budget each month. Use the envelope system to store and separate funds for each category of expenditure. Thus, the child will be easier to control.
Do not allow children to bring an ATM card or credit card when out of the house. Let him manage the money you give each month with the quota-based system.

2. Working part time
Support children to work part time for him to get a lesson about the difficulty of making money, so they can better appreciate the money more wisely and manage them.

3. Contribution
If your teen wants a new gadget, motorcycle, or car to support their activities, do not be too easy to grant his request. Give a requirement for children to contribute, for example, save some money to buy goods or responsible for financing her treatment at a later date.

4. Savings Account
Open a savings account on behalf of children from an early age. Give her a journal to record their financial and allow him to deposit funds into the savings of the rest of the money his monthly quota.

5. Credit card
When your teen has learned how to budget and manage its finances properly, prepare him to be responsible for holding a credit card. Explain to children about the pros and cons of plastic money. Teach your child to pay the full bill on time every month, great interest rates, and the consequences of what he would face if late paying credit card bills.