Whether your child receives allowance from you or not, it is important that you monitor how he makes use of every money that eventually ends up with him. As a parent it is imperative to stay involved in how your child manages thier money whether they choose to save, invest, or spend it. This offers a great opportunity for your child to learn how manage their money wisely. The result is a strong foundation for the rest of their life.
What work does your child do? Either outside of your home or under your watchful eye. It’s never too early to expose them to the value of responsibility. Whether it be undertaking house chores, having a job at school or participating in a community project, it’s important that your child inculcates the essence of hard work and reward. While money can sometimes be the reward, your child should also understand that excellence and responsibility is just as important.
Does your child have a bank account? He or She should. There are banking products, such as the GTBank SKS Account, which offer children opportunities to operate savings accounts and even make basic financial transactions. Such bank accounts should be the go-to account for a child’s savings and personal expenditure, no matter how little. This helps the child learn about banking and better appreciate the need for financial discipline. You can also create excitement around banking by encouraging relatives to monetise some part of their gift and to send it to your child’s bank account.