Growing tremendously since its inception, Bank Bazaar is now the leading online financial products website. Just like you buy anything else, with Bank Bazaar, you can shop online for loans, credit cards, debit cards and much more.
So, what is it that makes Bank Bazaar different from other such websites? It’s the belief that personal finance should start early on. One of Bank Bazaar’s ideals is to inculcate the idea of personal finance management in the youth to help them achieve financial stability paired with sound knowledge in the long run.
Here’s what Bank Bazaar would like the youth and especially teenagers to know about personal finance.
1. Earn Where You Can
As a teenager, you might want to get your own credit card or debit card. There might even be the need of an education loan. A good practice would be to get such services online through CashKaro.com, so you get extra Cashback just for applying via them. Websites such as CashKaro.com help you save while you spend, making this a good saving practice for teenagers. Check out these Bank Bazaar offers to reap the benefits and start earning early in your life with minimal investment.
2. Invest Early To Earn Soon
When you’re young, you can easily save money with no bills to pay or loans to repay. In this case, it can be useful to learn the ropes of investment and put your savings to good use. Once you start to gain through compounding, it’ll be simpler to keep your finances streamlined well into old age. Whether you start earning early or save through pocket money is up to you.
3. Spend Less, Save More
Even when you’re a teenager, make this your mantra. If spend less, save more is on your mind as a child, you will retain the notion of saving as you grow up. Parents should teach children the value of money and the power of saving by spending thoughtfully very early on in their lives. The goal here is to eliminate thoughtless spending.
4.Tracking Is Essential
It is always a good idea to keep an account of all your expenditures to know exactly where you’re spending and where you can save. With new technology available in the market, you can simply use apps that let you track money spent and money saved. If not, you can simply write down your daily expenditures in a ‘Spend Journal’ before you sleep every night.
5. Do Not Fall Into Debt
Since a very tender age, it should be made clear to children that debt can eat away at the growth aspect of their finances. Staying away from big spends early on can save children from running into huge credit card debts, making it easier for them to save money and grow their savings slowly and steadily. To that end, parents can show children how to plan well before making a big purchase.
6. Have Conversations & Seek Advice
Peers at school or college can play a big role in how children perceive financial planning. By talking to students who live on limited means, such as students who live on their own and pay rent, can teach a thing or two about savings to other students. This horizontal chain of communication can help them learn better and seeing people their own age save money and manage finances can have a good effect on the minds of children.
7. Learn To Set Financial Goals
Dreaming big and then working to achieve the same can be a great learning experience for children. Parents can help children develop the habit of setting a goal, like a gadget or toy they want, and then saving money in order to buy it. Parents should refrain from providing children with everything they want on a whim. Working to buy what they need will help them plan personal finances while they’re young making them money-smart individuals.
The use of practical examples at home is the best way to teach children the importance of personal finance. Bank Bazaar, an establishment that closes the gap between the youth and financial management urges parents to guide their children into becoming financially sound adults.