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Kashif Bakhshi

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Radaris • 5m

Financials lesson to teach you son early. ## Basic Concepts of Money - **Saving and Spending**: Introduce the concepts of saving and spending through practical examples. Use a piggy bank to encourage saving for special items, helping him visualize how money grows over time. - **Allowance and Budgeting**: Provide a modest allowance linked to chores. Teach him to allocate funds for spending, saving, and investing. - **Work and Earning**: Explain that money is earned through work. Create a chore chart with "wages" to illustrate this relationship, reinforcing personal responsibility. - **Needs vs. Wants**: Help him differentiate between needs and wants by making lists together. - **Money Management Skills**: Explain concepts like investing and the importance of avoiding bad debt. - **Inflation Awareness**: Teach him about the loss of value of money over time. Use real-life examples to illustrate how prices change.

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