Financial gifts for kids and their future
Children’s day, what a special occasion to give knowledge to your kid, may be a toy will make your kid happy for a while, but to sow the seed of a financial habit will make them a responsible teenagers with their family and personal financials.
The first thing that we need to explain to our children is that all things involve spending money, and that the money needs to come from savings. It is also important that they know how to use it in a responsible way and to know the difference about these two kind of purchases: what I want and what I need.
Children that don’t have financial knowledge will get a job when growing up and spend all their salary until that amount is not enough and when this time comes, they will use credit cards ending up in owing money to the banks.
In order to avoid the above situation, let’s give them a niece surprise:
- Money Box. A classic gift for kids to start saving money. Specialists consider that they should save 10 and 20% of the money that they get from their parents.
- Board Games .We all know the Monopoly board game; this game is so illustrative and helps children to learn money administration and the correct way to spend it.
- First bank account.Some banks have several bank accounts specially designed for children; the purpose of these accounts is to bring them close to the financial institutions.
Salomon Juan Marcos Villarreal, president of Grupo Denim is a great businessman but also a great father that likes the idea of the children’s bank account because they can learn in a fun way the basics of the economy by having a printed card with their name on it. “My success is a result of all the advisements from my father, since I was a kid I watched how he made investments and all I did was to follow his example”, said Salomon Juan Marcos Villarreal.