Money lesson for your kid aged 7:
Talk to your child about career & money. Try to instill positive feelings towards work. Explain what you do at work, why you chose that field and why you like it. Convey that people should try to choose the jobs based on what they enjoy.
Money lesson for your kid aged 8:
Explain that some money that you earn have to be spent on the bills. Let your child sit next to you while you make the payments. Some amounts like rent or EMI — will be too big for her, but you can ask her to match the balances. Focus on Savings too.
Money lesson for your kid aged 9:
Open a Minor Savings A/c. Don’t let him withdraw money at will — if he wants to save for a bike, he should talk to you first. Tell him that he will have to make regular deposits to the bank, monthly or quarterly.
Money lesson for your kid aged 10:
Inform about different kinds of cards & Bank A/Cs. Take your cards out of your wallet and explain which one is for debit, which is for credit, their differences, and the importance of always paying back dues in full & on time.
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