Bahrainthismonth.com June 2024 53 PRETEENS Many parents start giving allowances to their children as they start middle school. Instead of giving your kids an allowance just as a weekly or monthly spending stipend, consider using it as a way for kids to earn it as a reward in exchange for doing chores. An allowance can be a flexible amount that increases as kids take on more chores. Teaching the value of money is an age-old concept, but it never stops being relevant. Another essential step is teaching your kids how to understand needs vs. wants. For many preteens, this is the first time they start to recognise that others may have more than they do. This is the perfect age to start explaining the difference between wants and needs. When you’re in the store and your children are asking for a new video game or a piece of clothing, instead of just tossing it into the cart, talk to them about whether it’s something that’s really important to them or if it’s an impulsive financial purchase. Understanding the difference between wants and needs can help kids make sound financial choices later in life. TEENS High school years are the final step before your kids make it out into the world on their own. Their financial fundamentals are well underway and it’s time to help them start learning how to make and use their own money. Encourage your kids to take up summer jobs. Teenage years are a great time for kids to start finding a summer job or internships, to supplement their allowance or gifts that they get throughout the year. There are many opportunities for older kids to make an income online or by getting entrepreneurial on their own. No matter how old your children are, it’s important to show them that a strong understanding and relationship to their personal finances can help them succeed later in life. This starts with passing on positive behaviors for them to follow at a young age and then having financial conversations with them as they get older. Learning about money is an ongoing pursuit and there are lessons to be learned at every step of the way. LIFESTYLE| parenting ETRO Boutique Opening ETRO hosted an event to showcase its newly opened boutique at Marassi Galleria which was followed by Tea-Time at the Address Beach Resort Bahrain.
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