7 important money management lessons you must teach your kids

A few years back, ASSOCHAM, a well-known industry body in India came out with a study named “Trends of Pocket Money in Urban Areas” that made some interesting revelations. It said that school and college-going teenagers in metropolitan cities are getting anything between Rs 3,600 to Rs 12,000 per month as pocket money from their parents that they are spending on visits to malls and multiplexes, mobile recharges, electronic devices and other ecommerce activities.

This is in comparison to a decade back when teenagers who used to get Rs 450-500 per month and used to consider themselves rich.

With the evolution of technology, growing costs and changing lifestyles, teenagers of today are not expected to manage with the old school thoughts or figures, but are aware of financial management.

This is a question that parents need to ask to themselves and teach their children about the importance of money management from a young age.

Unlike the past, children do not witness physical exchange of cash. This makes it difficult for children to wrap their heads around the concept of limited funds and they often think money as some unlimited resource when parents transact online or use credit or debit cards at retail outlets.

Here are seven hacks to help you teach money management to your kids. Start GALLERY.