“Give the man a fish, and you feed him for a day. Teach the man to fish, and you feed them for a lifetime.” Albeit the temptation to provide for and indulge in your kid is natural for every parent, children who grow up without learning the value of money and consequence of extravagance may just be headed for a disaster in their later years.
It is important to start inculcating sensible money management habits in children. The younger, the better. To prevent falling into the trap of living beyond their means, there’s no harm trying out these no-nag strategies to kickstart good money management habits!