Encourage your kids to keep track of their expenditure by getting them a money diary and teaching them how to use it. This will help them learn to manage money more effectively – they’ll be able to see how and when they spend their allowance, and where th
GIVE THEM A MONEY DIARY ENCOURAGE THEM TO SET ACHIEVABLE GOALS
Give them small, easy goals to save towards, such as a storybook or toy. As they get older, teach them how to save and budget for long-term goals, like shopping money for the next family holiday, an expensive gadget or an investment deposit. This goalsetting and planning process allows kids to get a better idea of their dreams and desires. At the same time, it keeps them focused on the importance of putting money away for a specific purpose.