when the internet made a grand entry, it took a while for people to adapt and get used to social media. however today, there are just so so many ways in which we can all use the internet and making money out of it is by far the best one. kids these days have become more outgoing and they’re utilising the best of their talents to make bucks out of it. so if you are a parent whose lil one is earning, it’s about time you teach your kids about finances and better money management.

top ways to teach financial literacy to kids

• make your kids understand their wants and needs in a fun way
• ask your kids to make a ‘dear diary’
• tell them the power of savings
• allow them to manage their money
• give them exposure to investment
• take yo’ kids to shop with you
• ask for kids for advice in financial matters
• treat them once in a while
• get them an akudo card

fellas, buckle up your seat belt cause we are goin’ to give you a sweet ride about financial literacy for kids. Here are some ways that every parent can follow-

1. make your kids understand their wants and needs in a fun way

to begin the process where you give the pocket money to your kids, it’s very important to help them understand the major difference between wants and needs. Make them learn to prioritise what do they need to spend on first. now if they happen to spend the money wisely and end up saving some bucks, they can spend it on things that they want.

every teen love fun parents and honestly, the whole listening and understanding process becomes a lot better if you make your kid realise the value just like acting. throw an act or two, make them laugh, finance can be fun if you make it

2. ask your kids to make a ‘dear diary’

only that this dear diary can talk mostly about how are they spending their money. tracking expenses on a diary is the cutest and most opted approach, we won’t really be wrong even if we say that it’s kinda influential. Yes honestly, just buy a super aesthetic diary and your kid will come running watching what you’re doing with it and ka-boom they want to do the same in no time.

apart from that reason, also tell them that writing about the things they buy would really help them in having an insight of how did they spend the money throughout the month. it would be an eye-opening experience for them, therefore making them spend wisely the next month.

3. tell them the power of savings

savings has an insane amount of power and no one can deny it. whether we go back to the days when a small piggy bank could make us enjoy our local disneyland or buy a lotttt of our favourite toys. now that we have made this piggy bank digital, it’s about time we do some savings as well.

the best way to give an example of savings to your kids is by adding it yourself. show them jewellery that you bought after saving the money in the rice box or the nice car parked outside that you bought by saving the bucks you could’ve easily spent. finance for kids is a very smooth matter, the more examples you give, the better would your kid understand it.

4. allow them to manage their money

one of the most common mistakes every parent make is that they start micromanaging their kids on how to spend, where to spend. remember that if you go too hard on them, it might only make them go behind your back. let’s suppose you gave 1000 to your kids every month as pocket money and start keeping a note of how are they spending and where are they spending, sounds a bit too much, doesn’t it? Just give them the money and tell them that they have to manage their personal spending for the month.

it’s highly likely that in the first few months, the teens will splurge on silly things but after a month or two, they will become a master in how to spend and where to spend (unless it’s about their crush, in that case, they would be ready to make some compromises :p)

5. give them exposure to investment

financial literacy for kids can come easy if they have guidance on the right way to invest their money. Whether we talk about mutual funds or cryptocurrency, kids these days are more or less aware of the term, all they need is a little learning from you.

tell them to start with basic reading and make a list of top 10 projects, tell them the pros and cons of every project in crypto. now we’re just gonna repeat what we have been constantly repeating, let the kids make their own decisions, let them make the mistakes for a while and learn from it. however, obviously, be there to shadow them so that they know what’s right.

the key is to start a small investment, you can ask them to save a little bit from their pocket money and use it where it grows. money sitting idly in a bank or piggy bank is no good these days, you can easily make something out of it.

6. take yo’ kids to shop with you

no no, we swear your kids didn’t bribe us to put this point in here. When you expose your kids to the real world where it’s not all words and learning but more like practicality and action, they realise how important money is. the topic of finance for kids becomes very interesting when you start bringing things to action.

when you’re shopping, make them learn how you do it smartly. if there are two products, make them choose the cheaper one over the more expensive ones. show em’ a trick or two to shop smartly and there you are, with one heck of a smart kid.

7. ask for kids for advice in financial matters

don’t you feel special when your little ones ask for your advice in their matters? you do, right? so is the case with your kids. you can easily scatter the financial literacy for kids when you explain a situation to them and seek their help. this would not only give you a reality check whether or not your kid learnt something but well, the advice might actually be good.

get them involved in the family finance, ask them how do they think you can expand your empire. ask them where do they think investing might be beneficial. kids these days know about crypto and its pros and cons more than you do so never think that a good idea might not come from their side.

8. treat them once in a while

if you’ve finally made it here, it means you have almost reached the end of the session before we reveal our big secret. you have taught a lot to your kids and as they say, a treat makes everything much more interesting. financial literacy for kids become very friendly if every parent started treating their kids for acting well.

give them some extra money so that they can buy something they like, ask them to splurge it. you’d know they have gotten super smart if they invest it instead. Take them on a food expedition or a shopping spree, it’s really important to go a little wild once in a while.

9. get them an akudo card

of course, we saved the best one for the last. when you get your kid an akudo card, you’d be following all the above steps just in a simpler and smarter way. getting a prepaid card for your kid would help them understand where do they have to spend the money, they can track all the expenses in their passbook which saves you the cost of a diary :p

and that’s not it. the super attractive cashback and rewards are what makes akudo the smart gen card. so beat the traditional ways, gift your kids an akudo card this time and make them take a step towards financial independence.

financial literacy for students is a much-needed initiative today. If the kids start spending from an early stage, by the time they reach the prime of their lives, they’d already have so much that they can buy anything.

financial literacy for kids become smooth if done right. You are the parents of the smartest generation there had been so it would be better if you start becoming the fun version of yourself even if it is about giving the tough life lessons. we have been living in the myth that we should leave the heart behind while we’re discussing finance. well, we agree to disagree. if done perfectly, finance is the thing which you can enjoy the most.

we mean, everything that makes you happy or makes your life funn comes via money, right? so that was it. hope we helped in making this a little bit easier. Go bond with your lil ones over the fun of finance.

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so, as parents, it is your duty to prepare your teenagers to face some challenging situations. there are things that are not in control, but then some things are. finances. yes, the stepping stone of adulthood. all parents want their children to learn the value of money. you want them to be financially independent once they leave the house. how do you do that?

effective money management tips to prepare your teenagers

• start giving teens pocket money or allowances
• help them understand – needs vs wants
• impart the wisdom of budget-making
• educate them about taxes
• encourage part-time job
• introduce them to bills
• educate them on investments
• talk about savings and emergency funds
• start using apps for money management
• teach them about how literally health is wealth
• credit card: boon or bane?

with financial independence comes financial freedom. how do you make sure your teenager knows how to manage money? you, as a parent, guide them. let us look at some easy and best money management tips that you can help your kids with.

1. start giving teens pocket money or allowances

giving your teens pocket money will teach them the basics of saving and monitoring their expenses. you can also help them learn the lesson of earning extra pocket money by working around the house and helping you with chores. yeah, that’s right, make them do those dishes.

2. help them understand – needs vs wants

being a young teenager, there are no financial responsibilities in life. however, at one point, they need to start understanding the difference between a need and a want. this will help make them understand the vast difference between buying a winter jacket and buying a leather fur jacket.

3. impart the wisdom of budget-making

as a parent, you need to know that there are eyes that follow you, there are actions that imitate you. thus, it is wise to inculcate money management habits from a young age by practising what you preach. we can teach them saving and investing all we went, but it will all be in vain unless we teach them how to make a budget. so go ahead, make that budget, list out the savings and stick it on that fridge!

4. educate them about taxes

the schools don’t do it, so you have to. instead of waiting for them to grow up and be all flustered, tell them about the concept of taxes. educate them about the types of taxes and how they can deal with it. honestly, we are better off chilling than filing their taxes for them in the future.

5. encourage part-time job

not everyone feels the need to make their kids do a part-time job. but you need to consider it as a life lesson than a money-making resource. the idea to encourage your teens to get a part-time job is to teach them about accountability and hard work. this will prepare them better for financial achievement in the future.

6. introduce them to bills

show them the regular house bills like electricity, water, grocery, etc. so they know what to expect when they get their financial freedom. involve them in making the house budget. the teenagers will be able to anticipate their expenses and create a budget for them accordingly as they grow up.

7. educate them on investments

young adults might not need to invest right away, but they should be aware about the investment opportunities and options. parents should guide their kids through the know-hows. tell them about the magic of compound interest and how they can start contributing right away for their future.

8. talk about savings and emergency funds

we learn about savings quite late in our lives. before that it is all about seizing the moment and YOLO! but, finance doesn’t always have to be boring. teach your kids how they can still live every moment to the fullest and be financially responsible at the same time. even a nominal contribution to their savings will help them in the future.

9. start using apps for money management

with innumerable apps in the market these days, start using budgeting, monitoring expenses and savings apps to keep everyone in a loop. this will not only create a habit but will also make the young adults a part of the financial responsibilities the family members hold. Some great money managed apps are Splitwise, mTrakr, and Tax Calculator.

10. teach them about how literally health is wealth

with medical expenses peaking these days, your teenagers have to account for those unpredictable expenses in the future. thus, opting for medical insurance is a wise tip for every adult and impressionable teenager out there.

11. credit card: boon or bane?

using credit cards is still a very grey area. it is not suitable for everyone. however, as parents, we shouldn’t disregard that option. instead, we should tell them about the never-ending circle of credit card bills. tell them about the pros and cons. it is advisable to share personal experiences as they can relate to it and make a responsible choice in the future.

these money management tips can be learnt with experience. some bad experiences cannot also be avoided but can be handled. so, it’s better if parents educate them on how to face these experiences. it’s never too late to start your money management lessons, but it’s also never too early. gear up your teens.

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now, it’s our turn to pull up our socks and educate this lost lot into making better financial decisions for their future. let us look at some best personal financial tips in India for our beloved teens.

9 ways to teach your kids about personal finance

• budgeting
• apps to the rescue
• experiences last a lifetime
• start building their credit
• quit the comparison game
• say hello to assets
• side hustle for the win
• introduce them to taxes
• covering risks for emergencies

1. budgeting

making a budget helps in giving an overview of what our month looks like. encourage your teens to start making their monthly budget so they can align their financial plans. it could be something as small as aligning their pocket money for the next 30 days, but it’s a great practice. make them chant the “debit what comes in, credit what goes out” mantra.

2. apps to the rescue

in this digital world, we have an app for every tiny thing. we even have an app for drinking water! so, let’s make complete use of these apps by teaching our teens responsible financial tips. make it a habit for them to use budgeting and savings apps to track their expenses and apps to monitor their debts amongst their friends. this will imbibe a feeling of accountability.

3. experiences last a lifetime

things and materials make a person happy for a day, a month or even a few years. but experiences, make you happy all throughout life. that’s what your teens need to know. they may now want to be seen as a cool person in their gang, but memories are going to make them smile in that 9-5 job. tell them the importance of spending money on making memories, rather than making themselves look cool to people.

suggested read: Staying connected with the child as they enter their teens

4. start building their credit

this is one of the best personal finance tips you can give your teens. it is a little tricky to address, but that’s what you are here for. sit them down and explain to them about credit history and how they can start building their credit score by adding themselves to their parents’ credit account as a user.

5. quit the comparison game

“look at sharmaji’s son, he has saved up a lot” no! as parents, you and your kids need to stop comparing lifestyles, studies, finances, etc. with others. teach your teens to run at their own pace and not stress out by comparing themselves to their peers. they don’t have to compete with people around them for cars, Xboxes or any other things.

suggested read: top money management tips to prepare your teenager for the future

6. say hello to assets

investments are the key to a secure financial future for everyone. but is your kid investing in the right thing? be their guide and tell them the difference between assets and liabilities. expose them to the dos and don’ts of the investment world.

7. side hustle for the win

it is always advisable for kids to have a source of income to make money. teach them about how they can turn their hobbies into a source of income in the future. it will not only give them personal peace of mind, but also empower them to be financially independent.

8. introduce them to taxes

there is absolutely no one who can teach teens about taxes other than parents. come on, the schools are not doing it right. tell them how they can lower their tax amount with investments and other declarations. it is wild in the tax world.

9. covering risks for emergencies

savings and a steady income might not always be adequate for unpredictable emergencies like medical, damage, losses, etc. the ultimate financial tip for teens is to show them how to always invest in premium insurance plans to accommodate sudden emergency expenses.

suggested read: how to teach financial literacy to your kids in 2022

there are several other financial tips that teens need to learn as they grow and come across financial experiences. as parents, we can prepare them for the future with the best financial tips, but they have to learn to action those tips dutifully. motivate them towards such practices from an early age.

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Even as I gloated over my ability to resolve my sister’s tough spot, the incident made me realise, yet again, that parenting is no easy task.

Parents must enable a child to understand the value of money, the necessity of prioritising expenses, and of saving. But it can be tough to figure out how to say no to your teenage kid, especially when affordability is not a concern.

Parents should not say yes to everything, stop overspending on kids, and while there is no one-size-fits-all solution, some of these ideas seem to work.

Some parenting hacks

1. Talking Instead of Ordering

Discussions with teenagers can fail spectacularly if parents refuse to treat their children as grown-ups. Whatever the reason for denying the child’s demand – whether it is the annual household expense exceeding the budget or that the child is still too young to own an expensive item – it is best to tell them in simple terms.

You should try to reason with kids and explain the logic of your decision. Try to become a cool parent than a strict one. If the teenager does not readily buy the logic, and most probably will not, it is essential to convince them patiently, don’t be authoritative.

2. The Underlying Reason

It might be helpful to understand what is driving their need. If it is peer pressure, or an expectation to look ‘cool’ with a new gadget, it is critical to address the underlying issue rather than simply diffuse the current demand.

It can be more challenging when the child asks for something to learn from, like my niece, who thought she would improve her photography skills with a new camera. It could be good to explore cheaper alternatives in such cases and see if the interest lasts.

3. Involve family or friends

Finally, the simple act of having someone other than a parent talk to teenagers could also be helpful. A teenager’s tendency for rebellion could make them see parents as antagonists, and they might be more receptive if someone else explained an adults’ perspective. I think this is what worked with my niece, although I am not pointing it out to my gratitude-filled sister.

also read – how busy parents teach their kids about pocket money

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However, it is crucial that you slowly increase the pocket money to raise their sense of independence and responsibility to grow. For example, you can slowly start giving them money to buy their school books, stationery items, or clothes along with the money you give them to go out with their friends.

Here is how you can decide on your kids pocket money

• Realise the size of your child’s spending
• Involve your child in the decision making
• The per-day rule

1. Realise the size of your child’s spending

It is essential to understand how often the child goes out, buys lunch from school, or needs to get school supplies. Accordingly, decide on an amount that is enough but not too much for your child’s pocket money. Budgeting what you expect your child to cover from the pocket money helps in deciding the right amount.

2. Involve your child in the decision making

Before you tell your child that this is how much pocket money they will be getting, sit them down and talk to them about it. Involving your child in this financial decision will make them more responsible for the money they will be receiving. Their agreement on the same will ensure that they are satisfied with the amount. Understand with them what their needs are and how much they are expecting. If you are both on the same lines, you are good to go! If not, and if you feel that they are demanding more than you thought, try to understand why.

3. The per-day rule

Parents can also decide the amount of pocket money depending on the number of days. For example, if you choose to give Them $5 per day, their monthly pocket money sums up to $150. This method is an easy way to calculate how much pocket money you should give your kids. As they grow, the daily allowance can increase to $10, $15, etc.

These three ways can help you decide on how much pocket money you should give your kids. Though it differs from household to household and child to child, pocket money should be determined based on what the parents can afford. Along with that, it should also take into consideration that the necessities of the child are fulfilled. The amount of pocket money generally increases as the child grows because so does their expenditure. A quarterly or semi-yearly increment is also an excellent way to regularly add some bit to their pocket money.

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It starts from the primary years of their children growing up, for example, showering your 5-year-old with a box of candies. This continues as their kids become teenagers and demand bigger things like the latest MacBook, a brand new iPhone, newly launched Nike shoes or an expensive designer dress for a party.

Parents give in to their emotions and end up buying everything their children ‘want’, but do not precisely ‘need’. This does not only spoil the kids but also takes away the value of money from them.

Here are 4 ideas to help parents not overspend on their children –

1. Prioritise their needs over wants

Every parent wants their child to be happy, which is the leading cause of overspending. However, we, as responsible adults need to understand that there are certain things that our children would like to have, and certain things that they must have. Distinguish between these two items and focus on buying what they actually need, instead of just overspending on every other item you wish to get your child. This will help you in spending within limits and ensure that your children do not take the hard-earned money for granted. Parents should also teach their kids the value of money. Most influential people make it a point to teach their kids all aspects of finances early on so that they are ready for a better future.

2. Understand your budget and financial limitations

It is common for parents to splurge during the month, and struggle towards its end. When one overspends, this is what generally happens. Understand your monthly budget and allocate money accordingly. It is nice to gift your child something every once in a while, but that does not mean splurging on unnecessary things every weekend.

Critically analyse your financial limitations to understand how much your pocket allows you to spend monthly and do not go beyond that. A good way to go on about this particular point is to discuss household finances, the limitations, and the approach behind limiting your child’s expenses. Start having honest conversations around these, and you never know, your child might just surprise you with their empathy and maturity by understanding it all!

3. Set realistic pocket money for your children

Take your time and also talk to kids while deciding on their pocket money. When you assign a particular sum of money to your children on a monthly basis, they realise the value of money. This will also enable you in becoming free from getting treats or gifts for your children all the time. Let your kids know that this is the money they will be using if they want anything other than regular necessities. The new comic book, a fashionable necklace, or some extra t-shirts – they can have whatever they want but from the money already given to them. This will also teach them how to save, as, if they want an expensive item like a new phone or a laptop, they will end up saving a few months’ pocket money to be able to purchase it finally.

also read: How to decide your kids pocket money?

4. Do not just buy things right away, set goals instead

It is usual for children to get intrigued by what their peers get from their parents. ‘But my friend’s parents gifted her an iPhone for her birthday, is a common way that children guilt their parents into buying them things. However, there is nothing to feel guilty or insecure about.

also read: useful tip to stop your kid from overspending

Every parent has a unique parenting style, and so do you. Try and set up goals or tasks for your kids if they demand a particular something. For example, if they want the latest smartphone, set up a study pattern for them to follow. This trick filters a lot of impulsive demands and also helps in teaching your child that not every purchase request of theirs is just a command away.

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However, we all know, children love their video game sessions and hanging outdoors. Rare are the children who voluntarily opt to act as a helping hand in the household chores happily. It can get daunting for most parents to convince their kids to contribute to the daily household tasks, let alone the basic ones. It is challenging to get the kids working on the chores, and it sometimes can even turn into an unwanted quarrel. But, we have a solution to make this task an easy one! Paying your kids for household chores is a brilliant idea. Pocket Money acts as an incentive for the children to happily help in the assignments, with a strong motivation backed by determination.

What is Pocket Money?

A stipulated amount of money we get from our parents for our expenses on a weekly or monthly basis. The objective of pocket money is to educate teens in the art of money management and prioritizing their needs and desires. Let us embark on this journey to adulthood. Gen Z, assemble!

top advantages of giving pocket money to kids

• Sense Of Financial Independence
• Money Management
• Financial Planning And Savings
• Easy Way To Get Them Perform The Tasks
• Making Them Future-Ready
• Getting Better At The Job
• Raises Respect Towards Their Parents, The Bread Earners
• Sense Of Maturity
• Organisational Skills
• Personality Development
• They Do Not Receive An Allowance Just For The Sake Of It

A few things that act as a strong diver in paying your kids for household chores are:

1. Sense Of Financial Independence

By paying your kids for tasks, you give them a sense of financial independence. It allows them the freedom to earn their own money and spend it the way they want to. The children no longer depend on their parents for money to be spent on food, games, etc.

2. Money Management

By providing the kids with a monthly allowance, you help them learn the importance of money and money management. As they get their hard-earned money, they decide to spend it wisely and only on the most significant things. As parents, you have to make sure your kids understand that once they spend all their pocket money before time, they won’t get extra cash.

Kids understand the value of money and realize the efforts that go behind earning it. Often, the kids segregate their monthly expenditure and only spend on things that matter the most to them, and leave the other stuff for the succeeding month. They need to be more conscious when spending money to fulfil their needs and desires. this will be their first step towards making responsible decisions in life.

also read: How do rich teach their kids about money?

3. Financial Planning And Savings

Besides money management, kids also learn how to plan their finances in the long run. If your kid is fascinated by the brand new PS5 and wants to get it home for themselves, they plan their upcoming finances accordingly. It also teaches them the power of saving and the joy of investing in something that is of utmost worth. Kids will develop a habit of saving from their student days which will be helpful in future as well.

4. Easy Way To Get Them Perform The Tasks

Most kids these days try to escape anything that requires their time and effort. When it is about household tasks, they detest doing it even more. Giving them financial rewards is an easy way to get them help and contribute to the job happily. It also makes the task of convincing the kids more manageable, as the children decide and make sure to complete the job because of the attached rewards.

5. Making Them Future-Ready

Incentivising the kids monetarily is not just to get them to do the household tasks, but also to prepare them for the future. When kids grow up, and it is time to be independent, have a family, and get a house of their own, it is imperative for the then kids, and now adults, to know how to perform such tasks without any hassle. When they are asked to perform these tasks from a young age, they slowly adapt to them. They then get known to every job related to a household which an individual is expected to be aware of.

6. Getting Better At The Job

As and when you start paying your kids for contributing to the household chores, they start performing better to get a raise in their allowance. It helps increase their efficiency at work and helps them be motivated to get the job done to the best of their abilities.

7. Raises Respect Towards Their Parents, The Bread Earners

When the kids realize how tough it is to earn money and the hard work that goes behind even a simple task of, for example, washing the dishes or taking the garbage out, the respect for their parents also increase. They start seeing the effort made by their parents on daily basis, they see their parents in a new light of how cool their parents are. The kids understand how hard their parents work to run a prosperous household, and the notion of ‘money does not grow on trees’ starts making more sense to them.

8. Sense Of Maturity

When the kids are assigned household tasks, they plan their entire day accordingly. Kids never want to forego their playtime. So, when they know they need to complete a particular job, they make sure that their time management skills are unparalleled. It instills a sense of maturity in the kids. They feel that they must complete the job and accurately plan other things beforehand.

9. Organisational Skills

When the kids are asked to perform specific household tasks from a young age, they become more organized. Tasks like arranging the dinner table, making the beds, assembling the utensils, etc. immensely increase a child’s organizational abilities. This also helps them in the long run, as they get used to properly arranging things and day-to-day tasks.

10. Personality Development

Having the kids help in household chores acts as a betterment in their personality. Most kids that do not believe it is their duty to assist in household chores, turn out to be inconsiderate rebels. However, when kids are provided with monetary rewards, they are encouraged to perform their duties. The daily task of helping in chores reflects their personality. It makes them kind towards their family members, to begin with. It also makes them responsible and self-sustainable, since tasks like cooking and laundry help a person throughout their lives.

11. They Do Not Receive An Allowance Just For The Sake Of It

Every child expects an allowance, irrespective of the fact if they are asked to help with household chores or not. Having them contribute to housing tasks just acts as the icing on the cake. Parents should talk to kids before deciding on their pocket money. They can be given fixed pocket money and for an extra income, kids have to help with household chores When they are asked to assist in such tasks, they feel that they are getting paid for the performed duties, not only because they ‘should’ get the money.

Bonus Tips

A) Introduces Kids to Budgeting

Being a young teenager, it is but natural to have wants that may not be necessary. Although, as they grow, kids learn that it is impossible to always get everything the heart demands. Thus, by having a limited amount at their disposal, shopaholic teens will learn to practice budgeting and saving. Budgeting helps kids to avoid careless expenditure and encourages planned expense.

B) Earning Trust

Young adults always want to be treated as grown-ups. Have you ever heard your child say “I am old enough to do get this done!” or “I’ll decide which car we’re buying”, they want to be a part of big decisions. Being given the freedom of pocket money is their chance to win their parents’ trust. They will also gain the confidence to make all their future decisions responsibly.

Nevertheless, the debate if paying your kids for household chores is a good idea or not is highly argumentative and subjective. Some people believe that children should be taught to do the tasks as their moral duty and should not be monetarily compensated for the same.

However, some believe that incentivizing the children for work teaches them many important things in life. Talking with experience, we think that paying your kids for household chores only helps them grow in life. Some basic chores like making one’s own bed or cleaning the wardrobe can be the tasks children are asked to do irrespective of any financial assistance. However, paying them for the other duties around the house will keep them motivated and encourage them to look forward to the chores. As discussed above, monetary incentive excessively helps teach the kids valuable aspects of life that will stay with them forever and benefit them even as adults.

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Here are a few tips that will help busy parents teach their kids about money

• Help them Earn
• Include them in Financial Decisions
• Clear Jar for Saving
• Lead by Example
• Plan their Budget
• Things Cost Money

1. Help them Earn

Pay them for the work they have done. Fix an amount for the different household chores that they can help you with. These can include taking the trash out, mowing the garden or even cleaning the room. When the kids earn, they value it more than if they are paid for no reason.

2. Include them in Financial Decisions

If they are slightly older, you should include them in your regular purchases. Tell them why you bought a particular item or brand against another brand. Show them how you make a choice, and what role does money play in your decisions. Smart parents teach about money by involving their children in grocery shopping.

3. Clear Jar for Saving

Having a clear jar to save money, instead of a piggy bank, is a good parenting hack. It gives your 13-year-old a visual experience into the amount they have saved. As the money increases in the jar, they will notice that their savings have gone up too.

4. Lead by Example

Children learn by observing their environment. If you fight with your spouse over money or, you show off your money every time you go out, then it sends out the wrong signal. Instead, working moms can show the value of money by showcasing their spending and planning skills.

5. Plan their Budget

Go for something simple, when you are getting them on a budget. Teach them to keep a tab on spending and earning. Ask them to note it down in a simple budgeting app. It will give them a good sense of managing money, and also help them manage their funds better.

6. Things Cost Money

Your kids must understand that every single item that you buy has a cost attached to it. When they want to buy something, tell them how much it costs, and ask them to take the money from their clear jar. It will drive a sense of spending and saving into your child. It will help the kids gauge if the purchase is crucial or not and accordingly spend on the item.

Teaching your kids about money is not a smooth ride. It will take some time and patience. However, money skills for children are crucial if you want them to successfully manage their monetary decisions

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Your kid is not a kid anymore — at least that’s not what they want to be considered. Yes, they have entered their exciting teenage years! As exciting as it is for them, it may get challenging for you in terms of parenting. A lot of the parenting tips that you followed before your child turned 13 may not work now. Many parents find it challenging to connect with their children and try reaching out to them differently but with little success. It is then that many parents wonder ‘How to get my child to think that I am cool.’

Here are some tips on how to be an excellent parent for anyone who has a child turning 13:

Be a parent but don’t forget to be a friend first: While your child’s needs were very different in their early years, being a friend to your teenager and a parent later definitely tops the list of things to do for an excellent parent. Ensure that your child is comfortable sharing things with you as he/she would do with a friend. Many parents complain that ‘my teen does not share his life with me.’ A part of the problem could be that you are unable to connect with your child as a friend.

Join your teen in their interest: Another activity that makes it to the list of a relaxed parent is taking time out to join your teenage child in his/her interests. This could be their favourite sport or hobby. You could even consider watching their favourite TV show or movies together. Even if you are not directly doing it, striking an engaging conversation about anything that interests them can help you connect with your child instantly.

Give your child the freedom to make choices and advise them when they need: When your child turns 13, their behaviour and needs change. They want more freedom and less advice. Provide your teenage child with space they need to make their choices and learn from their mistakes and, of course, be there for them when they need you.

Finally, pat yourself on the back for raising your child wonderfully so far. Raising teens does come with its challenges, but it can be as simple as just letting them be.

Do you have a child turning 13? Try these parenting tips to be a cool parent and tell us how they worked!

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However, peer pressure is as common and as normal as it gets. You faced it, we faced it, and our kids will face it. There is no escape from peer pressure, but there indeed are things to help our kids deal with it.
Most kids want to be liked by all, want to be the centre of attention, feel like fitting in, and want to stand up to their parents’ expectations. They think that they will either be made fun of or will turn out as a disappointment for their parents by not doing so. The kids these days are scared of lagging and try their level best to exist beyond their tolerance.

Use the infographic below to know the best practices that can free up your child’s mind from all the societal pressures.

Here are these effective approaches in detail which you can use to help your child deal with peer pressure smoothly –

1. Understand what’s going on with your child

It is easy for every parent to tell their children that they are their friends. However, it is equally tough to maintain this bond. As a parent, you need to realize that once your child grows into someone who understands peer pressure and enters the phase of dealing with it, he/she needs a friend the most. Talk them out of their problem, and give them a relatable solution. Do not try to impose your thoughts on them; instead, try and understand where they are coming from. Avoid over-reacting on situations, no matter how bizarre they are. Gaining your child’s trust at this stage is the most important if you want to help them deal with peer pressure.

2. Stop comparing your child with your friend’s

Every child is different, and every household is different. Every kid is born with some social abilities, and not every kid can be good at everything. Ensure that you do not compare your child’s grades or talents with that of your friend’s. Comparing leads to unsolicited pressure on the child, leading to adverse tensions in a young mind.

3. Support your child through the difficulties by empathizing

If your child struggles through his/her class or cannot perform well in a particular activity — empathize with their situation. Tell them relatable stories from your childhood, how you failed at certain things but did not give up. Ensure that your child understands that he/she has his/her own set of things he/she is good at. And let them know that it is okay to fail, but it is not okay to give up!

Experts also suggest that it is not only your child’s friend circle or the society they live in that instils this situation of heavy peer pressure, but also how you act around your children

Set the right example in front of your child, if you are keen on keeping them away from the societal pressure that yields nothing but distress.

4. Create the environment at home that you want your child to follow

At a tender age, children tend to follow things they see at home. Make it a habit to normalize saying ‘no’ to situations you disagree with. Be firm, crisp, and short with your decisions and explanations. Ensure that your child knows when to draw the line and when to say no to his/her friends without worrying about what they would think about it. Instill a model displaying ‘no’, in order to help your child understand that it is absolutely okay to deny something they are not in favor of.

5. Practice how to be respectful while saying no

When you tell your child that it is okay to say no, you must teach them that it is equally important to be respectful while doing so. Give a few examples of ways to say no to your child, and practice with him/her. Make your child understand that he/she is better than the bullies, which is why being respectful while putting forward an opinion is necessary.

And lastly, follow these 3 mantras with your child to set them up for a stress-free, ‘be yourself’ lifestyle!

6. Be interested in your kid’s life, but not too much

Ensure that you know the kind of friends your child is hanging out with. However, do not become an overly-protective nagging parent, because kids surely do not like that. Invite your kid’s friends over for lunch, or allow them to have a stay over at your place. This will help you understand the types of friends your child has, which will also help you know your kid’s company. If you feel any of your child’s friend is not the right influence, simply have a chat with your child and let them know how you feel about it. Again, do not impose your thoughts on him/her. Instead, try and make them understand ‘why’ you think in a particular way for a specific friend of your child.

7. Tell your kids what peer pressure exactly is

Above everything else, it is crucial for your child to know what exactly is happening with them. Make them understand what peer pressure is and how common it is. This will help them realize that they are not alone, and all it is, is a phase of life. Give them a few handy tips on how to deal with it when you are not around, and ensure them that whenever they need you, you will be there to bring them out of it.

8. Welcome and understand positive peer pressure

Peer pressure is not always negative. Understand if your child is dealing with a peer pressure that is coming from something constructive. If your child’s friend pushes him/her to do something for his betterment, encourage it. Try and make your child understand how this will benefit them and enhance their developmental skills. Try to make your child understand the friend’s perspective and the idea behind pushing him/her. Let them know that if you were at the friend’s place, you would do the same. In fact, let them know that if you were the child, you would take it up as a challenge and not get pressurized by trying to achieve something new!

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