Are you interested in developing your child’s financial knowledge? If yes, then please read. It might help.

The single biggest reason of most of the financial problems in life is lack of financial Literacy. All such education should start early from home. Unfortunately, many parents are themselves deprived of such financial awareness or don’t have time/skills to teach kids about financial literacy. During coaching & counseling sessions, I come across these concerns a lot. So I thought of sharing some insights on how one can do it.

Here are few steps which can help you achieve the goal

??Start early: It's never too late to start teaching kids about money. Come out of the guilt & start taking actions right now.
Use visual aids: Piggy banks can be a good start. Asking them to make charts and graphs of their expenses can help kids understand the concept of saving and spending money.

??Play games: Educational games like Monopoly, Cashflow for Kids, and The Game of Life can help kids learn about money management. I have shared links for the same towards the end of this write-up.

??Give them Pocket Money: Giving kids a fixed pocket money can teach them about budgeting and saving. You can also use this as an opportunity to teach them about spending wisely.

Involve them in household budgeting: Involve kids in the process of budgeting gives them a 360-degree understanding of the budgeting process. This can help them understand how money is allocated and how financial decisions are made.

??Lead by Example: Children learn by example, so it's important to model good financial behavior. Show them how you save and spend money wisely.

??Teach them about the 8th wonder of the world: Yes, I’m talking about the power of compounding interest in both earning and debt:

Here are some game changer tools/books to boost financial literacy in kids:

1) Hasbro Gaming the Game of Life Game, Family Board Game for 2 to 4 Players, for Kids Ages 8 and Up
Check details for free at https://amzn.to/3J11Nlk

2) Monopoly Super Electronic Banking Board Game, Electronic Banking Unit, Choose Your Rewards, Cashless Gameplay Tap Technology, for Ages 8 and Up, Multicolor

Check details for free at https://amzn.to/3meclEq

3) Financial literacy for kids: Financial literacy book for parent to teach their children about money and everything in between

Check details for free at Kindle Edition https://amzn.to/3KH4REg

4) An exclusive book for girls on money management, planning, budgeting, and Saving money.

Check details for free at https://amzn.to/3LeKRcq

5) Growing Money: A Complete Investing Guide for Kids" by Gail Karlitz and Debbie Honig: This book introduces kids to the world of investing and covers topics such as stocks, bonds, mutual funds, and more.

Check details for free at, https://amzn.to/3T4z1Dw

Hope it would help you kick start the process.

Please comment, if you wish to share any other tips/book/tool/game for the development of Financial Literacy in kids.