Personal financial management is not a subject taught by every school or university. This is something that almost all of us will face sooner or later. Our ability to handle personal finances depends to a large extent on personal experience, as parents do not pay too much attention to teaching their children how to manage their pocket money. GoBankingRates said that one-third of Americans do not have retirement savings. There is a growing awareness of the need to effectively manage personal finances in times of economic hardship.
Current trend
Parents are now more inclined to explain personal financial management rules to their children in order to prepare them for the lives of adults. But unfortunately, many parents do not understand these rules themselves. What can I do to overcome this problem? The answer is simple: you can use an IT solution. We live in an age when we all have mobile devices, and kids start using these devices from a very young age: LittleThings.com claims that 90% of 2-year-olds use tablets and smartphones. Therefore, children will undoubtedly feel uncomfortable while learning to manage finances with technology.
What solutions can I use?
The website is the first educational resource that should be addressed. They represent a treasure trove of personal financial management data. Their content is not limited to articles covering this topic. These sites may contain a large number of games and quizzes that teach children to manage their finances, videos, and more. Some of them focus on certain types of educational materials [for example, financial entertainment provides financial game libraries].
Let's take a look at Visa's Practical Money Skills website.
There are many educational materials available to adults and children on this site. Parents can choose materials based on their preferences and his/her needs. The article is written in simple text and can be easily understood by children. They can be read by their parents or children themselves.
Children love games and they can play online games there, which will teach them to manage finances. If children [especially teenagers] need some extra training to save and evaluate their financial choices, they can use a calculator. For example, teenagers who plan to take a year off before the start of the university usually travel abroad. Their budgets are limited, so planning travel budgets plays a very important role. The travel budget calculator can show them how much they will spend on travel.
How about comics? People of different ages like them. The site provides visitors with several comics to introduce the basic fund management concepts to the reader.
Some other materials on this site include videos, infographics, lesson plans [for educators], and more.
What are other options?
Consider downloading a mobile app to your device. Customized financial software and mobile application developers do their best to provide killer products. There are many great financial apps available for kids.
Here are some of them:
1. Seek cleanup: housework, rewards, savings. The app helps parents teach their kids to save and make money what they want. Children see how much effort they need to get the items they want. Parents can use this app to add tasks and housework [paid/unpaid] and reward their children after the task is completed.
Yuby. This app can be the first child financial tool. It has a housekeeping list that reminds its small users what their housework is and how much they can get for each task. Yuby showed the children the money they currently have and showed their economic activities. Children can also see how much they need from the wish list.
3. thrive ' n' shine. This is an educational adventure game that teaches high school students to manage their personal finances. The app allows users to create their favorite avatars. Players learn to balance their needs and desires and receive different rewards. There are some quizzes and final summary assessments in this game. Teachers [or parents] can use the online dashboard to track their progress.
Bank bag. This app represents a virtual bank that teaches kids about the value of money. Parents and children can use this app to track the amount of money their children save or spend. It helps children save for important goals. The app supports different languages and treaties. It also has a paid [school] version.
5. Lunch tracker. The app teaches kids to manage their savings habits by tracking lunch expenses. It contains tips for saving money. Users can see how much they spend eating out, eating at home or packing lunch. Children can also take part in a 30-day challenge to see how much they save each month.
in conclusion
It is very important to be a savvy personal finance manager since childhood, because the personal financial rules learned in childhood can be used by adults. IT solutions can be a means of teaching these rules. Parents can choose any solution their child might like, whether it's online games, puzzles, mobile apps or anything else.
Orignal From: Your child can be a better personal finance manager than you.
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