When is the Right Time to Teach Your Kids About Money Matters?

Robert Kiyosaki, the author of the bestseller “Rich Kid, Smart Kid", talks about how financial lessons that he learnt in his early days helped him become a millionaire. It's never too early in the life of a child to start talking about money; in fact, the sooner the better. So, if you haven’t yet initiated such conversations, it's the right time.  You must give your children the financial head start by inculcating the habit of financial management when they are young. 

Read more
Best Child Saving Plans
  • Insurer pays your premiums in your absence

  • Invest ₹10k/month and your child gets ₹1 Cr tax free*

  • Save upto ₹46,800 in tax under Section 80(C)

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr Tax Free*

+91
View Plans
Please wait. We Are Processing..
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs #Discount offered by insurance company Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp

“Don't just protect your child from the future; prepare them for it".       -                 Robert Kiyosaki

From your child's first piggy bank to their first credit card, here’s how you can teach your kids some valuable financial lessons:  

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Stage 1: Early School Students

Get a Piggy Bank – Start with giving your child a piggy bank when he enters in elementary school. Personalized piggy bank with their favourite cartoon characters is the best way to encourage kids to take pride in saving money.

Find Fun Ways to Teach–One way to do this is to play the coin identification game. You and your child can trace the outside of various coins and then color them. Then ask your child to match the coin to the image while talking amore about that coin. Apart from this, there are many online games that you can play with your kid while subtly teaching them about money matters. The idea is to introduce them to money.

Stage 2: Middle School Students

Assign a Weekly Allowance –An allowance is a great teaching tool. Fix an amount for your child’s pocket money and don’t give extra pocket money if he spends it mid-week. This technique will allow your child to learn the discipline of money management.   

Teach the Value of Money With Delayed Gratification Technique – Don’t comply with your child’s whim every time; make him understand the value of the money. For example, if he wants a skateboard, ask him to save a bit of his pocket money or earn the amount by doing simple house tasks. Give him a doable target and appreciate him if he achieves it by handing over a bonus

Stage 3: High School Student

Involve your Child in Family Budget Planning – Involve your child in family budget discussions. Let him know how much you earn and what are the family responsibilities. This exercise itself will set the wheel in motion.

Send Your Child For Purchasing Household Stuff – Give your child the shopping list and ask him to shop. This will teach him subtle art of negotiation and understanding the economics of market.

Open a Bank Account – Get your child to open his first bank account and teach him about financial concepts such as savings, commissions and interest. A visit to a real branch to deposit money creates a memorable and rewarding life experience for your children. I still remember the pride I felt holding my first bank account book. All of a sudden, I felt responsible!

“One of the greatest gifts you can give your kids is to prepare them to be responsible, empowered adults around money.”   -Unknown

Child plans articles

Recent Articles
Popular Articles
Which Is The Best Plan For Girl Child?

30 May 2022

Picking the best plan for your daughter may seem like a task but...
Read more
Government Child Education Plan

30 May 2022

India is a country that witnesses a huge school drop-out rate of...
Read more
15 Year Child Education Insurance Plan

30 May 2022

Child life insurance policies are used to build a fund to cover...
Read more
Triple Benefit Child Plan

30 May 2022

These are child plans that offer combined benefits of a life...
Read more
Child Care Plan

30 May 2022

A comprehensive child care plan should be a combination of both...
Read more
Best Child Investment Plans to Invest in 2022
Planning for the child’s secured future is not an easy task. Most of the people try to create a strong financial...
Read more
LIC Policy for Girl Child in India
A child insurance plan is a plan that acts as a blend of investment and savings while also providing the child...
Read more
Post Office Child Plans
Individuals can open post office savings account for their children and earn interest at a rate of 4% to nearly...
Read more
Prime Minister Schemes For Boy Child
Like the Prime Minister’s Sukanya Samriddhi Yojana savings scheme for a girl child, there are several...
Read more
Best Child Insurance Plans in India
A child insurance plan is a combination of savings and insurance, which help the individuals to plan for the...
Read more
top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL