Personal Finance: It is important to inculcate the habit of saving in children.

Personal Finance: It is important to inculcate the habit of saving in children.

Personal Finance: Your parents must be giving you some pocket money while going to school. You should act wisely and save some of your pocket money. The best way to motivate yourself to save is to set a goal, for example, if you want to buy a sketch pen, poster color, a good magazine, a new bag, geometry box, pencil box or any such useful or hobby thing, So decide in your mind that you will not take money from your parents for this, but will save money from your pocket money and buy it after a few days.

always dream big

Once you succeed in developing the habit of saving and buy small things of your choice with your savings, then you should increase your goal. This time you should plan to buy something big, like sports shoes, favorite toys, T-shirt etc. This habit of saving will be useful to you throughout your life. If you are successful in saving a good amount, then you can surprise your siblings, parents etc. by giving them a nice gift on their birthday or any special occasion.

Write accounts, make budget

You must have heard that every penny should be accounted for. This is absolutely correct. From the very beginning, you should note down the pocket money received from parents, birthday or cash received from parents, uncles, aunts etc. on good results in a notebook according to the date. Then whether you spend this money for tiffin or anything else, it should also be written with the date. With this, you will not only have a complete account of your money, but will also curb your habit of wasteful expenditure.

keep a piggy bank for savings

A beautiful and attractive piggy bank will prove helpful in your saving. If you make it a rule to put some money in this piggy bank every day, then soon doing so will become your habit. Gradually, as the amount of your savings increases and the piggy bank gets filled, you will feel great joy. This will increase the desire in your mind to fill it quickly and start filling the other piggy bank.

know the value of things

You might be going to the market for shopping with your mom or dad on holidays. During this time you should pay attention to what they talk to the shopkeeper, how they bargain etc. Besides, information about the price of every item should also be kept. MRP and level of products should be read in the super market. Doing this will not only increase your general knowledge and awareness but will also increase your understanding of the value of money.

don’t buy useless stuff

You have to know that earning money is really a lot of hard work and money is a very precious thing. In such a situation, never insist on buying something which you do not need by looking at your neighbors, friends or classmates or by watching advertisements on TV. You should also keep in mind the financial condition of your parents and avoid comparison with the children of rich parents. For this you have to understand that want and need are two different things, hence buy only what is needed.

Why does the financial year start from 1st April?

In our country the financial year starts from 1st April, while the new year starts from 1st January. In such a situation, this thought might have come to your mind that why was this day chosen for the financial year? In fact, since the British times, April 1 has been recognized as the first day of the new financial year. Since there were a lot of festivals from December to January, the financial year might have been decided as per the convenience of the British. Another big reason is that our country is an agricultural country, where a large population mainly depends on agriculture. The main produce is harvested in February and March. For this reason, the new financial year begins after its accounting.

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