Step 1: Strategies for Repayment
Teach money concepts when children are young to introduce the concept of money & its value
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Step 2:
Set Savings Goals
Teaches patience, delayed gratification, & the value of saving toward a specific objective
Step 3: Teach Wise Spending
Involve children in family spending decisions to compare prices, discuss pros & cons of purchase
Step 4:
Model Responsible Financial Behavior
Demonstrate responsible money habits, such as budgeting, saving, & avoiding impulsive spending
Step 5:
Use Real-Life Scenarios
Involve in real financial decisions, like planning a family vacation or budgeting for money management lessons
Step 6:
Be Patient and Consistent
Be patient & consistent in teaching money skills, & celebrate their successes along the way