| From the time that a boy or a girl turns sixteen, they | | | | liquid cash. After such an impulsive buy, they will have |
| are considered to be adults. At this time, they are | | | | to wait till it is time for their next advance. This will |
| made to start managing their own finances. Soon they | | | | teach them to cut corners and use their money in a |
| will be completing high school and will be ready for | | | | wise and prudent manner. |
| college. Some of them might even take up jobs and | | | | Also while applying for colleges, parents should guide |
| begin to take care of their own expenses. Thus, it | | | | their children and help them understand the fee |
| becomes important for children to learn about finance | | | | structure. Students should be told about the value of |
| right from the time when they are in school. Parents | | | | education loans and familiarized with the processes of |
| sometimes follow the practice of giving pocket money | | | | applying for these. They will then realize that higher |
| to their children. | | | | education does not come for free. Paying for a |
| Most often, this allowance this could be given to them | | | | degree is not a cake walk. They will finally understand |
| on a weekly or monthly basis. In most families it is seen | | | | that money is a necessity and not a luxury. |
| that once a child runs out of money, he will approach | | | | They will learn to approach banks for educational |
| the parent for an advance. This constitutes the first | | | | loans, and will look around for part time opportunities so |
| step towards getting to know how money should be | | | | that they can start repaying their loan at once. This |
| used. | | | | gives them the independence and freedom to do what |
| Young people learn the value of money through the | | | | they enjoy and act as responsible adults. |
| practice of taking an allowance. They learn about how | | | | These days, young students are much smarter than |
| much they should spend and how to augment savings. | | | | people seem to think they are. They not only manage |
| This is what allows them to understand the concept of | | | | their own finances but have also learnt how to save |
| saving. They come to realize that accumulating | | | | and indulge in things that they have their hearts set on. |
| savings will give them the bonus of having some extra | | | | They will also realize that they need to manage the |
| money when their friends have all used up their pocket | | | | funds on hand, and start saving up for the future. If |
| money. Once the value of money has been | | | | they want to party, or go out with friends, they will |
| understood, young people become responsible almost | | | | consider the money that they have, will calculate how |
| instantly. | | | | much they can spend, and will act accordingly. The |
| They finally begin to understand that they can achieve | | | | young people of today are well aware that they need |
| a lot more if they are careful with their spending. If on | | | | to start behaving like mature adults from a young age. |
| impulse, they spend all their money on a music album | | | | The spending habits of many young people reveal this |
| or a tennis racquet, they will realize that they have little | | | | maturity. |