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  • Category: Miscellaneous

    At what age you have started handling big money and cash management ?

    It is the normal practice for any parent that they slowly introduce the value of money to the children and never allow to deal with cash handling or its management. At the most the parents would give them the required pocket money to manage and they not even ask how he is spending on what purpose. But what I feel that value of money must be taught to every child at the young age, so that they wont spend on waste things. Money in hand cannot be misused for non priority items and wishes. So teach the children the value of money and how to manage it.
  • #569761
    Nowadays banks allow 10 years old kids to open their own independent accounts together with debit card and cheque book like facilities. Mobile banking and internet banking is also allowed on such accounts.
    In my opinion, all parents should open a bank account in the name of eligible children and thereby let them learn the basics of financial management since young age.
    Regarding handling big money, generally that comes only when one start earning in most of cases of service class individuals. However in case of business class families, the children may start handling money at any stage as and when involved by their parents in such matters.
    Taking into account the prevailing scenario, many average students remain unemployed for longer periods and therefore they never get a chance to handle their own money.
    Mostly people learn handling money properly only after wasting a lot of money in the initial stages.

    Let us encourage each other in sharing knowledge.

  • #569786
    I agree with K moahn sir, but it is difficult to explain a chld ( who are at the age of 12-16) which is proper expense and which is wastage, as they like to watch movies at multiplex by paying higher amount for ticket, where as if parents guide them then they might get hurt. So from the lifestyle of teh family every children is having different kind of expenses, and little luxurious can not make them feel as it is a wastage of money. But still parents should keep eye on their children's expenses, so that they can understand the value of money while spending and should make them aware ( mean time not always) how difficult is earning money. Then they might control their spending son unnecessary things like having fast food always out side, huge spending on internet and mobile recharge etc.

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