As teenage has now started, it is again very crucial that you need to monitor them in different aspects, same is in financial terms, you need to monitor their financial spending habits, it is time to move from weekly allowance to monthly allowance as they have grown up.
- This is the age where budgeting can be introduced, which will help them to learn to budget & you can monitor their spendings.
- Make them understand about different banking instruments like Cheque, DD & also online transfer mechanisms.
- Please help them to plan for their savings & to spend the same for their future goals.
- Giving others & helping needy people is a vital lesson to be taught.
- Make them understand that the house in which you are living is an Asset & if any borrowing is there you can make them understand the importance of liability & paying back the same can be very well explained.