Changing times, social media like facebook, instagram, whatsapp has impression on kids.
Learn how to teach them money lessons.
Money lesson for your kid aged 15-16:
Explain loans & credit reports before the bad habits of his peers get ingrained in him. Ensure he understands the importance of high credit score to eventually get the loans for things he wants, e.g. a house or a car in future. Make him understand how loans work — principal, interest, repayment, good loans Vs bad loans, tax benefits (80C, 80E etc), Insurance cover for loans etc.
Money lesson for your kid aged 17-18:
Give them more leeway in Bank A/c where they can store the money & write cheques. Don’t add money to this account. They should fund it from their savings. Have them write cheques for costs like student activity fees, and sit down with them monthly to balance account. Also, discuss topics like work-life balance, financial freedom etc.
Money is great, but it’s worthless if you’re not leading a balanced life.
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