My 8-year-old nephew spends a lot of pocket money, spends irrationally, for example, the other day he bought ice cream that cost $ 10, moreover, I told him that perhaps the taste was not the same for the beautiful packaging, which he spat on and bought, as a result I finished eating. They give him 100 dollars for a week, and of course he does not know where the money comes from and how, he has already gotten used to living from childhood spending on nonsense. How to teach children economic literacy?
The way you teach your children from childhood is the education they will grow up. Financial knowledge is very important in everyone's life. If your nephew is getting used to spending extravagantly from his childhood, he may face various problems when he grows up.
If a child is not taught financial literacy then he will not be responsible and aware in future.
In this case you give him five dollars for his pocket money and tell him to spend it for a week. Praise him if he does it successfully. This will give him more encouragement. Teach him patiently because positive encouragement is very effective in helping children learn.
This way you can gradually teach him the value of money which will make a big difference in his life in the future.
