33.Money

Q1-Do you think its a good thing that more and more people are using digital payment?

ANS- Yeah, I think it's a good thing that digital payments are becoming more common. For one, it makes life easier for everyone. Transactions are quick and convenient , so you don't have to worry about carrying cash or dealing with change. Its a also great for businesses because payments are processed faster and more securely. Governments benefit too. When more payments are digital , its harder to hide income or avoid paying taxes that helps the government collect what its supposed to.

Q2-What are the advantages and disadvantages of using credit cards?

ANS- Yeah, credit cards can be super useful, honestly. Like, first of all, you don't need to carry cash everywhere , which just makes things easier. and a lot of cards give you points, miles or cashback on things you buy. So it kind of feels like you're getting rewarded for spending. Plus, if you use them responsibly they can really help build your credit score time, which is important i you ever want to get a loan or buy a house.

Q3-Why do people rarely use cash now?

ANS- To my mind, there are several reasons why this happens. first of all, these days people buy more and more products on the internet which is a cash free zone. Secondly, carrying banknotes and coins can be a source of insecurity due to the risk of loss or theft while credit and debit cards are much more secure as they can be canceled soon after they are lost or stolen.

Q4-when do children begin to comprehend the value of money?

ANS- It seems to me that kids can generally recognize money as money at the age of two. At the age of three, kids can handle and understand basic money concepts. this is the age when most parents introduce their children to cash and currency. Kids are given money to handle, spend and save . Thus, they begin to understand what money is for.

Q5-Should parents reward children with money?

ANS-You know, there has always been much debate about using money as a reward for kids. On the one hand, its an efficient method of reinforcing good behaviour . But it works well only if parents are targetting a problem, not just handling out money throughout the day as children brush teeth, get dressed ,or do homework. When its done right, it helps to target a problem behaviour in order to shape a new behaviour , and it helps children learn that money is earned.

Q6-Is it good and necessary to teach children to save money?

ANS- Absolutely, First of all, its one of the key lessons that will impact whether kids will do well in life cause saving teaches discipline and delayed gratification as well as goal-setting and planning. It builds security and independence . For example, kids will learn to live within a budget. And they will learn how to balance spending money on what they want now with saving for the future.