Teenage is the most important age for anyone. Proper training and guidance at this age can make or break the journey of life. This training and guidance shouldn’t be limited to education area only. Financial planning, money management and importance of money is equally important. There various way by which you can train your Teen.
Bank account: All journey starts with Step 1 and if your Teen doesn't have a bank account, get him that first. With that open a recurring deposit account where he can save Rs 50 or Rs 100 out of pocket money and save per month. Internet banking will attract them towards banking.
Get a job outside: A teen should learn the pain of earning money. Get him on a job outside for couple of hours a day to make him know how the real world is.
Give a household Job: Assign a daily task to Teen at home and pay him money in his bank account each week. It serves dual purpose. Teen gets attached to home, learn earning and savings.
Involve in financial matter: Get a Teen for shopping twice a month, let him buy and get everything billed. Make a payment in front of him to make him realize how much does a shampoo cost?
Invest in Mutual fund: Once a Teen starts getting regular income, direct them towards systematic investment. Mutual fund may be a good start - five units per week can accumulate great wealth in longer run.
Insurance policy: Most of the insurance policies have requirement of minimum age of 18. Get an insurance policy for your Teen at 18 and make him pay the premium.
Small things will go a long way in character building of your Teen. Don’t take it easy.
