9 money lessons to teach your children

Start before it is too late
Start before it is too late
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Educate your children about money matters before it is too late. Teach them these 9 money lessons to make sure they grow up to become financially responsible adults.

Child's money attitude is shaped by family
Child's money attitude is shaped by family
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If you have been the type of person who considers the merit of every financial decision and deliberates a lot, chances are that your children would have picked it up as well. Consider your money habits as a family, so you know what to expect from the children you have sent to college.

Money does not grow on trees
Money does not grow on trees
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The single-most important money lesson to learn early is that it is but a limited resource, and even if you had plenty it always comes with alternative uses. Agree on a monthly allowance and stick to it. Make sure you have a good idea of all the other costs for books, memberships, travel and other big-ticket items and provide for it in advance.

Make budgeting a joint affair
Make budgeting a joint affair
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Budgeting should be a family affair in which your child agrees on how much will be spent and on what. Make it an exercise of assessment of the cost of living, including mandatory and discretionary expenses. If your child wants other little luxuries encourage taking on part-time work.

Teach them about financial transactions
Teach them about financial transactions
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Teach them how to make electronic transactions, how to keep the account secure, how to manage an electronic wallet, and minimise the use of cash so that accounting becomes easy. Ask for the accounts to be shared with you.

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