Money Lessons: How To Build Healthy Financial Habits In Your Children

Children learn their lessons in money management through experience. Whether it is receiving money as a gift from family or relatives on festivals or occasions, or spending that at the school canteen, or raising funds for a charity. As most schools in India impart little to no training on how to handle money, the responsibility of teaching children the fundamentals often falls on the parents. The easiest way to do that is by making money a part of the child’s everyday experiences. Here are some ways to develop the right habits. Make It Fun Playing games related to money could help familiarise children with the concept. “Giving them practical lessons and making them go through basic experiences where they interact with money and comprehend its value is the best way to start,” says Hemant Beniwal, certified financial planner and director at Ark Primary Advisors, a...