A frequent topic around the office cooler is kids and their achievements.
Unlike in the past, most parents have become savvy about financial issues and are making sure their kids learn about money management and monetary planning an important part of their learning experience.
They are helping kids devise strategies to manage their finances and make small amount of savings.
This is an extremely practical and sound idea since a child who is familiar with financial management grows up to be a more fiscally responsible adult.
However, there is a classic chicken and egg problem here: If the parents themselves are not financially savvy, how are they going to inform their kids and educate their kids on better money management? And if the kids are not taught today then, they will become adults with the same failings.
This problem can be easily avoided.
The solution is simply using a financial management tool that allows even a ten year old child to understand the various issues involved and learning ways to save money.
A few basic lessons will work as well.
Start by showing your child how to manage their pocket money - how they can save for something bigger - may be an annual Christmas purchase made from savings over the year.
Children can also be taught to understand that money is valuable and that one needs to work hard to make money.
Helping the child open his or her bank account is another good idea.
This enables them to think of their own net worth, savings and expenses, and also helps them keep track of their expenses.
Thus, in small ways, you can teach a child the most important lessons in financial management.