The happiest moment of your life is somehow always associated with your child. It is a very simple fact, that there is nothing more wonderful than becoming a parent. However, when you become a parent, there are also a number of responsibilities associated with it. You take care of your children, and every moment associated with him or her is nothing less than bliss. Whether it is the first day of this school or the day when he first called you ‘Mumma’ or ‘Papa’ remains close to your heart forever. Amidst all the cherishing memories and treasure house of happiness, there is a need for the parents to guide their children, educate them and nurture them with knowledge. There is nurturing with regards to social behavior, then there is the need of providing them with the education to make their career. They need to be taught what is right and what is wrong. This is not it; you also need to educate them with regards to financial matters.
Financial matters form the backbone of the life. Even if you have well educated your child, and he or she earns good income, there is a probability that your child is not able to take care of the finances, because of being unaware of money management.
What is the process for teaching money management?
Parents are really aware now days. Hence, two ways are utilised by them to guide the children with regards to money matter:-
- Giving them pocket money
- Opening a savings bank account.
What is the advantage of saving bank account on pocket money?
There are parents who feel that if they give their child pocket money, he or she will be able to learn how to manage money. So the fundamental is simple, the child is required to utilise the money given as pocket money, to meet their expenses. With the aid of this they feel that the child will be able to learn the facts, figures and principles behind the process. However, with bank account some really attractive features are associated, which will be really liked by your child. These are as under:-
- It is more fun to track the account balance, witness the money increasing, getting the interest when a child utilises the bank accounts. In fact, it will be nothing less than an achievement for him to see the pocket money getting credited in the account. At the same time, he will become liable for gifts and earnings.
- Then he will also be able to learn the various aspects of finances and bank transaction with the aid of having his or her own bank account.
- There are banks which also provide with debit cards for the child. It is indeed very interesting and fun for the little one to have his or her own debit card.
There are a number of banks which provide with the best offers related to the child bank account. You can definitely take the advantage of these.