Posted on - 8th March, 2020 Posted by - Yallaschools
Managing Money - The Story of Ahmed and Mohamed
Schooling kids in money matters
We get it, school is expensive.
And we are not even talking about school fees, extra-curriculars or after-school tuitions. We mean the daily expenses that come with having children. Dubai parents are famously generous, with monthly allowances for high-school seniors hitting AED 1,000 – AED 1,500 per month. Giving teens and tweens ownership of that kind of money goes hand in hand with educating them about the value of money – how to save, spend and manage so that they value meaning experiences and products over frivolous impulse buys. However, with mobile bills, movies, eating out, allowances tend to take a pummeling and these personal investments, like taking a gap year or purchasing that classic Les Paul guitar, are put on hold.
Most millennial and Gen Y parents learned financial management on the fly, in college or at their first jobs. That knowledge was hard-earned, and it is critical to arm the next generation better and early. Parents need to give them a basic understanding of managing their budget and the virtues of saving while they are still in school. Here are three simple rules to get your kids started:
Saving money comes with little daily sacrifices but in the long run, it repays students with a wealth of financial expertise, independence and confidence. To get your children started with the savings habit, please visit https://www.sc.com/ae/deposits/saadiq-xtrasaver
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