How to Manage Elementary School Children's Finances - As parents, have we ever been confused about how to manage the finances of our elementary-aged children. Talking about managing finances, especially for early childhood, it can be said thateasy little bit difficult'.
Our lack of understanding as parents is sometimes the highest barrier to helping teach our children how to manage and manage our children's finances. But don't worry, Whiz will help discuss How to Manage Elementary School Children's Finances.
Also Read: Snack Money for High School Children
Why do elementary school children need to learn to manage finances?
Before going any further, we first need to know Why Elementary School Children Need to Learn to Manage Finances? One of the main reasons is for financial literacy. Children are good catchers. If taught as early as possible, then children have the opportunity to make money management and management a 'habit'.
Later, this habit will have a good impact on financial planner them to adulthood.
How to Manage Finances for Elementary Schoolers
Then how to manage elementary school children's finances? Whiz has summarized 4 ways!
Teach How to Save
The phrase to teach children to save as early as possible must be implemented by all parents. This is because saving has many benefits such as managing finances, learning to be frugal, to learning to appreciate money. In addition, saving can make children learn about basic financial literacy which can help train them to live frugally and avoid hedonism.
This is one of the first steps to managing elementary school children's finances, namely by setting aside some of their pocket money to save in order to feel the benefits of saving.
Avoid Excessive Shopping
In today's era, shopping is easy. Various e-commerce has helped speed up and simplify the shopping process. Almost anything can now be purchased at the touch of a finger. This causes the vulnerability of the community to start living a hedonistic lifestyle. Of course, with a lifestyle like this it will be difficult for children to manage finances.
Teach Investment
Investment does have more benefits than conventional saving. Some of them include making sure our money keeps moving, building assets, and increasing income. However, sometimes not many parents really understand the concept of investment and where the money should be invested.
It is better to avoid 'bogus' investments, children are taught investments that have been labeled safe by the Financial Services Authority (OJK) such as deposits, mutual funds, to precious metals.
Get used to record expenses and income
Well, one of the important things in teaching the habit of managing finances is recording expenses and income! Every good or service we buy must be recorded as an expense, including the tax. This can help measure how much we spend in one period so we can estimate the next period we have to spend how much or set aside how much.
Income also needs to be calculated, because one person may have more than income (part time job or freelance). This can help us divide how much money we should save or invest and how much money we should use as daily expenses.
Also Read: How to Set Snack Money for Middle School Children
If you are still confused about how to manage the finances of elementary school children to record expenses and income, let's download the Whiz financial application. Now, the Whiz Financial App. has a feature whose name is auto recording which can help you record all your financial activities. Simple right?
WHAT ARE YOU WAITING FOR? LET'S DOWNLOAD THE WHIZ FINANCIAL APPLICATION!
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