Here are some finance tips for 10 year olds. These are a few things to remember in life whenever touching upon money.
1. Know your math
How will you calculate your budget and money matters later in life? Knowing basic math can help you do exactly that. Yes, math! Money and Math are interconnected, as you need to know your math to move forward in money. The successful people you dream to be all used math to become successful. So, what are you waiting for? Go and brush up on your math!
2. Knowing the difference between needs and wants
Did you need that board game you bought last month? Differentiating between needs and wants can be hard but you need to know how to do it. For example, you get Rs.200. You might need to buy some pencils for school but want to buy a new video game. Knowing the difference between needs and wants can help you make the correct choice.
3. Start saving now
If you have a piggy bank or are saving money in a bank account, high five! If you start saving now, the money will grow over time and at the end, you’ll have lots of it. Try to put aside money every time you earn it, and ask a parent to make a bank account to save it. This way you will get interest to grow your money. Saving is a life skill, the earlier you start nurturing this habit, the better.
4. Plan ahead and budget
Budgeting may sound like a lot of work but it refers to planning how to use your money. Planning ahead is a very important skill when it comes to money as you want to buy everything on that list, with the money you have. If you budget, you can make sure to stay away from unnecessary temptations and stick to the stuff you really need.
5. Time is money
Here’s a question: If you want to make money, would you rather watch TV or would you learn something? Think long term and make the choice. To earn money, you will have to learn, and the more skills you have, the better job prospects will come to you in the future. Also, it’s best to use your time for something useful rather than something that you waste. Time is money so saving time is going to help you earn more.
Earning money is something you will have to do in the future, so knowing all about it can really help. Read and ask about money so you will have a good understanding about how to earn money in life.