Your ward may not be having a full-time job right now or not be thinking of getting a mortgage. Still, as a parent, it is your responsibility to teach them how to handle finance so that they can learn all about effective spending from the very start. It might not seem very useful now but can be very fruitful in the future and will most probably help you ward to stay financially balanced.
4 useful tips that can help your high school going child
Here, in this blog, we have prepared a list of 4 useful tips that can help your high school going child financial skills which can help them to reach their future goals faster. So let us get started.
- Help him to figure out his income
The first step that you need to do is help your child in determining his/her income. Yes, they are not doing any full-time job where they are not getting paid still they must be getting the money during birthdays, holidays, and any other special occasion. Even he/she might be receiving pocket money every month. Therefore, ask them to add up the total amount of money they collect every month and this will be basically their total monthly income.
- Let them calculate their required expenses
Required expenses are the important costs that you have to pay regularly on a monthly basis. For a normal high school going student, these expenses would generally comprise mobile phone bills, gas cost or car insurance if your child drives one. Note down all these expenses that you have to deal with on a monthly basis and then suggest them to calculate the total cost of all the expenses. If there are any expenses which they are not able to tackle, then you can help them by applying for payday loans from direct lenders only and ask them to be ready with the repayment amount next month. This way, they will also get the idea of how the loan industry works.
- See if there are able to save or not
Saving is the key to become financially stable in life. This is something every parent should teach their children from the very beginning. After your child has figured out the total amount of his income and the expenses, tell them to see how much they are able to save each month. If they are able to manage some money even after covering all their necessities, then that’s a good thing and your ward is halfway there to learn how to stay financially stable. However, if they are not able to do so and asking for more money, then there is no need to worry that much as this is their phase and they will do mistake. But teach them to learn from their mistake and control their urge to spend.
- Explain to them the perks of savings
After knowing how much your child is managing to save every month, teach them the perks of savings and what they can do with extra money in their pocket. For example- like they can use the saving to buy the tickets of their concerts shows or movie. They could use the saving to buy the new phone which they were planning to buy for a long time. This way, when your child will grow old, he will not have to apply for any 12 Month payday loans from direct lender with no credit check to meet up his daily expenses.
Lastly, be a good role model and make sure whatever you are teaching to your child, you follow the same principles too as, in the end, he will learn from your action more than your words.
Also check the related post: