Keep Your Child's Future Financially Secure With muvin

1. FACTORS TO CONSIDER FOR YOUR CHILD'S FINANCIAL PLANNING Kids today are well-versed in terms like online payment, credit card, and debit card. When youngsters accompany you to the store, they observe you using cards to purchase food or other stuff. They, on the other hand, have limited awareness of what is really going on. When dealing with a financial burden, they will gain the same understanding. Children frequently learn about money by watching their parents spend it, talking about it, and feeling about it. Financial responsibility education should begin at home, and it should begin at a young age. Therefore, here are a few tips for parents to teach their children about saving money: Talk about your financial situation Begin by discussing basic financial issues with your children at home. You might also look for ways to turn ordinary money into instructional programs for your children in your daily activities. You may be able to take children to a nearby bank and explain the bank's role as a secure financial organization, along with its functions, in some circumstances. Teach them how to budget Make your monthly budget with your children in mind. Distinguish between what is required and what is not. Request their assistance with debt repayment or allow them to shop for a week's worth of groceries. Kids will be able to be prepared better for managing their money in the future and learns budgeting and its value. Develop the habit of saving Saving is a time-consuming task in addition to making a budget. Teaching your children the value and importance of saving and one of the greatest methods for motivating them is by assisting them in setting their savings goals. Create a kid's bank account for them. Several banks provide chequebooks, debit cards, and online banking passwords for children's accounts. This not only brings joy to the youngsters, but it also teaches them about banking. Explain how kids can receive interest on their savings stored in the kid's bank, as well as how they can help their savings grow by not withdrawing money from the kid's bank account. As a result, understanding how to save and invest during the growing season will be critical to long-term financial management.

2. Children must learn early on that hard work will pay off It's safe to suppose that small children don't know the difference between ten and one hundred. Furthermore, the majority of them are unable to conduct financial activities. As a result, it is critical to teach children that money is earned by completing work. To do so, enlist the assistance of your children by assigning them home jobs such as watering the plants or cleaning their beds, among other things. This exercise will motivate children to learn the critical abilities that they will need in the future. One of the objectives should be to invest money in teaching children money management skills so that they can become financially self-sufficient adults. Similarly, here are some money-saving strategies for youngsters: ● When youngsters are given a set amount of money to earn each month, they learn to save in the end, especially when they want something that is not included in their current budget. Children become even more appreciative when they have to work to obtain money out of their pockets. ● Children frequently save their pocket money to get something they've wanted for a long time. Encourage the use of a piggy bank and make an investment in one. If their children are inclined, wise parents will be able to build their own homes. Here are a few straightforward reasons why a piggy bank will be beneficial. ● However, if they are a little older, you may want to open a kids bank account or savings account for them. They'll be able to see how their money is growing and how far they've come toward their goal. Muvin - Smart Banking For The Young Leveraging neo banking for children apps like muvin helps make it easier for children and young adults to save easily and effectively for their wants and pay easily for things they need. With smart features like real-time alerts for any transactions made and their automatic categorization, you and your children can easily track all expenses. muvin is a kids bank and also a family banking app, as it has the option of having a primary account holder who is generally the guardian of the child. With this, it gets easier for the parent or guardian to add or transfer money into their dependents’ accounts. The primary account holder also gets to set up a limit on daily transactions. With neo banking mobile apps like muvin, it not only gets easier to make digital transactions but also aids in inculcating smart money-management habits into children. Muvin, with an aim to help in developing Indian youth’s financial literacy levels, has created an app that offers experiential learning via interactive learning

3. content. Muvin further curates blogs that help children and young adults in learning the finance basics, and also offers visual content that helps in breaking down complex financial concepts into very easy-to-understand byte-sized topics. Visit Muvin to learn more. Original source - https://www.muvin.in/blog/1tPtTCW6TM4QGBdCIMlGes