How to Monitor Children's Finances – Parents! There will be times when children have to live far from their parents, whether it's migrating because of education or being separated because of their parents' jobs.
At times like that, parents must free their children to manage their own finances. Children will learn to be independent both financially and otherwise.
As parents, we must be worried about the financial condition of our children. Is he able to manage his finances or whether his expenses will be balanced with income.
When children have learned to manage their own finances, parents will still want to monitor their children's finances. It turns out that there are ways to monitor children's finances. Come on!
Also Read: How to Save on Fasting Month: Make a Budget Wisely!
7 Ways to Monitor Children's Finances
1. Maintaining a Budget
In managing finances, children must be able to set and maintain their financial budget. The budget is made so that children's finances are more controlled. After making a budget, maintaining expenses according to the budget that has been made is indeed a difficult thing. But, it will be very beneficial for the financial health of children.
Parents need to instill in their children the habit of sticking to the budget that he has made. That way, parents don't have to worry about their children's financial condition.
2. View Expenditure Items
In monitoring children's finances, parents must know the expenditure items that their children make. If the child does not already have an expense item, he must create one. Children must learn to separate money according to categories. For example, a post to buy clothes, a savings post, a post to pay for daily needs, and so on.
With the expenditure post, children's finances can be more controlled. No more running out of money at the end of the month. Parents can also monitor their children's finances through the post or pocket they make.
3. Seeing between Needs and Wants
In managing finances, children must be able to distinguish between needs and wants. Children must use money wisely by prioritizing the needs that are met.
When children are able to separate between needs and wants, parents can monitor their children's finances more calmly. Parents can also ask the items purchased by the child, whether the items he buys are important or not.
4. Keeping Notes or Recording Expenses
Asking children to save notes or receipts will make it easier for parents to manage finances.
If it's too much of a hassle, ask your child to write down every expense they use. By making expense records, parents can easily monitor their children's finances through financial records.
5. Don't Give Credit Cards
Credit cards can be a source of trouble when children start learning to manage finances. When children are used to using credit cards, it will be difficult to control their spending.
Moreover, children will tend to be extravagant and consumptive when away from their parents. So that children's expenses can be controlled, not giving credit cards to children is the solution.
6. Using Finance Apps Whiz
It will be easier to monitor children's finances through Whiz Finance App. Whiz is the first financial application to use the monitoring feature (parental controls).
Parents can see expenses, income, and assign tasks as well as rewarding for children. For more details, check the article about monitoring features here!, alright?
7. Periodic Checks and Joint Evaluations
After knowing the financial activities of children, parents can provide evaluations and input. See the needs that must be reduced and make a spending plan for the next month.
By monitoring and checking regularly, children will know their financial flow in the previous month. Then evaluate which posts are not too important, which posts should take precedence, and so on.
Also Read: 7 Ways to Save in the Month of Fasting
Monitoring children's finances really needs to be done, so that children can grow financially independent. Children also have to learn to manage their own finances. At that time, the task of parents was to provide support, monitor, and evaluate.
In monitoring children's finances, it is indeed easier through the Whiz Financial App.. There are many interesting features that can be used by children and parents.
Using the Whiz Finance Application, Monitoring Children's Finances is Easy!
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