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5 things schools won’t teach your child, but you must!

5 things schools won’t teach your child, but you must

We send our children to the best schools out there. CBSE, ISCE, IB, Cambridge … every parent aspires the best curriculum and school to ensure the overall development of their children.

The schools have successfully churned out doctors, engineers, scientists, and even sportspersons. However, one of the most important life skills is not that often touched upon is money management.

The five key drops of the money management ocean, as listed below, could be a good starting point.

  1. Budgeting: It is one of the most important skills that is better learned when children are very young. It enables children to think about the money/ resources in hand and allocate it as per priority.
  2. Spend Analysis: How much has one spent on food, shopping, entertainment, books, etc. Children do not really bother about it but if they find an avenue where they could check such insights on their expenses, it does get them excited. It also gets them thinking. They start planning their expenses in their head, thus taking the first steps towards building great money habits.
  3. Saving: The most legendary money managers on earth have advised that we save first and then spend what is remaining. These habits ought to be formed young. As a parent, do you help your child to set saving goals? Do you incentivize them if they live within a budget and save? These are small steps that go a great way in making your child a financially prudent citizen.
  4. Getting more value from money: An important lesson in money management is to make your money work as hard as you. Does your child get excited at the possibility of getting a free meal, toy, cookie etc. Encourage children to get more value from the money they use. It sows the seeds of “Savings” in their head while not compromising on the little joys of life.
  5. Digital Payments: The payments space is seeing a huge technological disruption. The mobile phone will be a ubiquitous payment device in the very near future. Children ought to be taught how to handle digital payments through their mobile devices so that they are at ease managing money independently.

Most of these things are not taught in schools. However, there is little doubt that these skills would be amongst the most important for your children when they grow up and start managing their own money.

In our fast-paced lives, such little things often find their way to the backburner. But, it’s these little things that go a long way in building a secure financial future for your children.

To take care of these little things that leave an ever-lasting impact on your children’s future, we present Slonkit to you with a lot of love.

Slonkit is India’s first money management app linked to a physical VISA card. It is powered by VISA, the world’s leading payment network and DCB Bank, India’s fastest emerging private sector bank.

Parents can order a Slonkit card for their children aged 10 and above, from the comfortable confines of their home using the Slonkit mobile app. They are not required to fill lengthy documents or create a new bank account. The card is delivered to their address within 10 days.

Once received, the entire pocket money for the month can be given to children in one-click. They can set PIN for the card and the child can use it at all shops that accept VISA card anywhere in India. The card can also be used online.

Parents can relax and receive real-time updates of where the child is spending. They can also set alerts to intervene and transfer money in a few seconds if the child runs out of money. Parents are empowered to set budgets, transaction limits etc. and usher the child into the world of great money habits.

“Is Slonkit safe”? That’s the most important question any parent would have, and rightfully so. We have ensured the best possible industry standards of safety and security. In case of any doubts, parents and children can reset their PIN anytime. Also, if the card is lost or stolen, the card can be suspended in one-click and the money on the card will be safe.

Help your children learn money management today. That’s the best gift you can give them to secure their financial future.

Download Slonkit right away. You may download from play store or you install the app from iTunes.

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5 cool things you could buy under Rs.150

Cool things to buy under 150

Have you ever wondered why you always fell short on cash whenever you plan to buy things for yourself? Maybe you were just looking for them at the wrong place, and at the wrong time. The best way to ensure that you find the best stuff at the best prices is to tag along with your siblings or older friends the next time they go out on a shopping spree. Just watch and learn. This is one assured and useful tip that we can give you. They have been through your age, seen it all, and with all their experience, they now know where to find what and how much you need to pay for it.

It’s ok if you don’t have siblings or wish to enjoy the entire shopping time by yourself. We are there for you and ready to be your ‘smart shopping’ advisor. Here’s a list of five amazing things you could buy for yourself and your besties under Rs.150.

  1. Trendy Mobile Covers

Your mobile cover says a lot about you. So, let it be as awesome as you. Just head out to your local market or check out for deals online. You could find some really good mobile covers, open to bargain.

  1. Wall Stickers

How about a superhero on your room wall, your favourite animal print or even an abstract design of your choice? Make your room cool, interesting or beautiful with easy to stick wall stickers. You can get numerous designs and prints online, starting as low as Rs.80-100.

  1. Comfy Footwear

Slippers, slip-ons, or the super comfortable velvet house-slippers that are best in every season and ideal when you just wish to put on your jammies and enjoy back-to-back episodes of your favourite TV show. You can buy any of these at your local market or at any online shopping website.

  1. Selfie-stick

Now, who doesn’t need this! After all, you are your own celebrity. You will easily find a decent quality selfie-stick for under Rs.150 at your local market or just look out for sellers on the highway or at traffic signals, the next time you travel.

  1. Sunglasses

This is one thing that everyone should have; who doesn’t need a good pair of shades. You can check out your local dealers and supermarkets, which sometimes have great discounts and offers on these.

So, here you go. The next time you have that little extra money coming from parents, those visiting relatives or as a festive gift, you already have your shopping list ready.

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Young Entrepreneurs Below 20!

Young Entreprenuer below 20!

Get inspired today

Slonkit brings to you 3 individuals who started their business very early on in life. Our motto is that as an organization we want to create awareness among today’s youth to be responsible and be financially aware by bringing financial literacy among the young and growing youngsters.

We want to inspire the young and growing generation of today in terms of teaching them how to build and manage their business. Here are 3 inspirational young figures who started their own business before the age of 20:-

Arun Santhosh Kumar

Arun Santhosh Kumar

  1. Arjun Santhosh Kumar

Arjun is the founder and CEO of LateraLogics. He is a 10th grader who attends Velammal Vidhyshram High School in Chennai. His technology company focusses on custom app and web development along with providing consulting services. This schoolpreneur has also created two apps, namely Ez School Bus Locator and iSafeGuard at the young age of 13. Both his creations have won him many awards and accolades till date.

shravan & Sanjay Kumaran

shravan & Sanjay Kumaran

  1. Shravan and Sanjay Kumaran

They are the youngest entrepreneurs of India. These two techie brothers, aged, 12 and 14 respectively have started their own app development unit called Go Dimensions in 2011. They have already built over 11 mobile apps with 35000+ downloads and slowly rising. These two inspiring youngsters set an example for everyone around us.

King siddharta

King siddharta

  1. King Sidharta

A young boy from the backward sector of Northern India decided to start organizing small events and competitions among teens. King Sidharta started this epic entrepreneurial journey along with his friends at the ripe age of 19 years and is still going head strong with his company Createens. It is a platform for young talent to learn about blogging, entrepreneurship, etc. He is also an author and speaker.

To support our goal, we also groom, train and mentor young talent to develop their life skills. Our SkYe program, commonly known as Slonkit Young Entrepreneur Programme, is a platform for young and passionate individuals. Through this programme our purpose is to teach essential life skills that are required for setting up and managing your business.

All you have to do, is to get in touch with our Slonkit team by filling out your basic information on the link on our SkYe page: – http://www.slonkit.com/slonkit/contact-page/

You can also drop us an email at slonkit4u@slonkit.com and we will get back to you within 7 business working days.

With complete support from the Slonkit team, you will learn important skills like communication, marketing, technology integration, digital marketing etc.

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Practical money tips to be aware before you are 25!

Practical money tips to be aware before you are 25!

As per a recent study by IIMA, it was observed that the average financial literacy rate for the age group below 25years in India is less than 40%. This means that if you ask 10 questions to a teenager about finance, he might answer 1 of them. That means people under 25 years of age are not financially literate. We live in the digital age where information is right in front of us. So, let us enlighten ourselves and gain awareness about money management among the youth of today.

India’s young millennials may not have full-time jobs or they don’t have to pay their house rent or mobile bills. But it’s important that their financial knowledge or money management skills are in place so that they know how to manage their expenses. We give you 5 practical money tips:-

  1. Opportunities out there

One of the most common complaints I have heard from youngsters is that nobody wants to hire a young person who is still studying. Well, that’s not true! There are many companies who offer internships like Microsoft, Tejora technologies, Clover Infotech, etc. If not internships then you can start working online by taking up online jobs like a virtual assistant, writing, drawing, etc from websites like people per hour, freelancer or upwork etc.

  1. Understand Investment Options

Now since you know how you can earn your monthly expenses on your own it’s time you start investing, before that it is important to understand the terminology that is used for various finance functions. Also, get a basic amount of knowledge that how each finance instrument works. Here is a small chart to explain you various investment options:-

Investment Options for teenagers

Slonkit gives a basic amount of knowledge that how each finance instrument works

  1. Why You Should Invest

As a teenager, this is the right time for you to start investing. When you start investing early by the time you cross your 30s or 40s you will have enough investments and savings. These financial instruments give bonus and interest quarterly, yearly or as per your investment option. You should make sure that the option that you choose will give you at least three-fold or at least two-fold at the end. This amount will be enough for you to start your own venture or buy your own home. You will save enough that by the time you retire you will have your savings and income sorted. For examples, you may invest into LIC Money Back Plan, this plan gives you 125% the returns at the end of your investment of 15 years. So, if you start investing when you are 20, by the time you are 35, you will have a huge sum of money at your disposal. Similarly, you may use various schemes like fixed deposits, bonds, post office schemes, etc. Below is a table giving you details about these investment options:-

Sr No. Best Investment Options & Plans Type Of Investment Option Comments
1 Fixed Deposits Low-Risk Investment Option Consider Credit Profile, Interest Rate & Interest Payout Frequency
2 Post Office Schemes Long Term Investment Option NSC, PPF, KVP, POTD, etc.
3 Endowment Plans Low Risk Investment Option (Assured Payout)
4 Data Safe Investment Option (Similar to FDs) Bonds are analysed in the same manner as FDs
5 Bond Funds High-Risk Investment Option (as compared to Bonds) Corporate bonds, government securities, money market instruments
Source:-http://www.hdfclife.com/insurance-knowledge-centre/tax-saving-insurance/safe-investment-options-in-india-for-2015/

Abbreviations :-

  1. NSC (National Saving Certificate)
  2. PPF (Public Provident Fund)
  3. POMIS (Post office monthly income scheme)
  4. POTD (Post-office time deposit)
  5. KVP (Kisan Vikas Patra)

Now since you know the basics of finance management and investments its time you plan your future and decide your financial investment options. It’s the digital era, where every information you seek is at the tips of your fingers and is available online. Utilise the resources to your best abilities for a brighter future. if you have any query you can always write back to us.

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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.