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4 ways to help your teenaged children to manage money with Slonkit

Money Management for Teenagers

Money Management for Teenagers

Shaping a child’s financial behaviour and attitude towards money depends on their parents. Most teenagers look up to their mom and dad as an example when it comes to managing finances. Hence, as a parent, it is important to set great standards and teach prudent money management to teenaged children. We would like to share a few tips as they might be of help:-

  1. Share responsibilities

Share your responsibilities with your child. You can assign at least 1 household chore to your child, for example, she/he could be required to bring milk and eggs every day for everyone. If you link small monetary incentives with it, teenagers will understand the value of earning their pocket money as against just demanding it. If there could be a nice user interface like a mobile app that can show them what they have earned and how well they have managed their expenses, it would give teenagers some of the finest lessons in money management. Slonkit, India’s first money management app linked to a mobile app, available on Android and iOS is an ideal avenue to initiate your teenaged children into the essential life skill – money management.

  1. Create a budget

Assign a monthly budget to your child to help them to manage their finances for that month. For example, if you set a budget for your child to manage travel and project expenses within a budget of 500/- every month, it would get them to think, plan and save as well as learn the art of money management. Using the Create Budget feature, you can accomplish this for your children in 5 minutes.

  1. Empower with guide rails

Give your child a monthly allowance all at once. But what if she/he spends the entire money in a day or in one transaction? It is here that you can leverage technology to empower with guiderails. Using Slonkit, you can give the monthly pocket money and set limits per transaction, per day etc. This will ensure that your child doesn’t spend excess money in a day while also having the freedom to take their money decisions independently.

  1. Be virtually there and help your child go cashless

Cash in hand is always a dangerous proposition. Your teenager can be empowered with a Slonkit card and a Slonkit mobile app, which can be used all over India at merchant outlets which accept VISA cards. The card can be used online as well.

Imagine your teenager is stranded with no cash in hand. Slonkit can enable you to transfer money on to your child’s Slonkit card in one-click through your mobile phone. Thus, you can virtually be there with your child and help her/him in an emergency.

  1. Create a “Save” meter

With Slonkit, you would get precise insights into what your child has spent and what she/ he has saved. By creating a “save” meter, you would be able to help them to appreciate the value of savings and lay the foundation for a secure financial future for them.

Get your child a Slonkit card. It takes a mobile phone, internet and 5 minutes of your time. You do not need to visit a bank, submit documents, or give identity proofs. Just download the app, register yourself and your child, and order a Slonkit card – all from the comfort of your own house.

What’s more, even the card will get delivered to you at your doorstep.

Get Slonkit for your children today. Teach them the most important life skill that is never taught to them otherwise.