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THE STANDARD By
Felix Ogutu |
April 1st 2021 at 17:43:26 GMT +0300
African parents teaching their children at home. [Courtesy]
An individual’s ability to manage money effectively and make good decisions about finances does not just happen. It takes learning new habits, unlearning bad ones and relearning the right ones. For best results, learning ought to start early. Teaching children the value of money is a discussion that ought to start early and go on into adulthood.
Parents and guardians need to specifically teach children the value of money and financial responsibility in age-appropriate ways so that they can shape them into successful global citizens of the future. Showing children how to be financially savvy involves teaching them the basics such as how to budget, earn, spend, save and establish good money habits for life. Money management is a vital life skill and it is never too early to teach children about it.
How a 25-year-old first-generation immigrant making $62,000 a year in New York spends her money
CNBC 3/10/2021
Replay Video
series, which details how people around the world earn, spend and save their money.
Ask Maria Melchor how she spends her money, and the 25-year-old pulls up an elaborate budgeting system she has fine-tuned over the past few years. Whether it s going toward one of her many financial goals, is earmarked for rent or is slotted into the unaccounted for column, Melchor can account for nearly every cent she earns.
She didn t grow up being so fastidious with her finances. But the system is one of the ways Melchor has taught herself to make sense of her money, a topic she once found difficult to navigate.
How a 25-year-old first-generation immigrant making $62,000 a year in New York spends her money msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.