Teaching My Son About Personal Finance Using Xero

Creation of a bank account

Personal finance is a subject that every parent wants their children to learn. The problem is that finance is never discussed in school and there are hardly any tips for teaching your children how to manage money. My son is twelve years old and he’s not bad with money. But because I recently started giving him an allowance, I wanted him to learn the value of money from an early age. We even went to open a POSB bank account. (It’s the most child-friendly bank account in Singapore with the best interest rates and restrictions that parents are looking for.)

Teaching My Son About Personal Finance Using Xero

We live in Singapore and he earns around $50 a week. This includes the bus fare to and from school which costs approximately $1.50 each way. This allowance is also for his breakfast and lunch which he buys at school.

Learn Finance in a Xero Accounting Course

Recently I took him to a Xero accounting training. This accounting course is aimed at adults, but the trainers and I agreed that young children should also be exposed to bookkeeping, accounting and money management from an early age. They even offered a reduced price for him since he is so young but I passed on the goodwill. I liked the action but I also know that the value of this course is far beyond its price. I’m an accountant and I’ve had a passion for money since I was a teenager, so I’m just doing what I wish my dad would do for me.

Xero accounting training was pretty fun. The trainers enthusiastically tackled mundane bookkeeping and accounting topics and asked lots of questions to keep the class engaged. They played lots of games with my son and kept things interesting with school related examples he could relate to. My son got chocolates so he was really happy during the class too! There was another Xero online training for experienced accountants, but I decided it might be a bit too difficult for him. Maybe a year from now when he is familiar with basic accounting concepts and wants to take on a more difficult task.

How these courses ended up helping me and my workers too

I’m quite familiar with Xero Accounting software since I use it in my job where I work as an accountant for a small company in Singapore. I’ve been using Xero for a few years and thought I knew everything I needed to know about Xero. But even I learned a few new things about Xero. It seems that Xero updates its software every two months and there are tons of new features that are not announced. I think I might sign up for the Xero Online Training for Experienced Accountants because there might be other new things I could learn and use in my job.

Many of my colleagues have also found these training sessions useful. “I’ve been in the industry for over twenty years and there’s a popular new tool that pops up every year or two. I don’t know what I would be doing if it wasn’t for these company-sponsored training sessions. Xero seemed really confusing at first, but now that I’ve been using it for three months, it seems like the easiest thing in the world! This is a quote from my colleague Benjamin who is a 45 year veteran in the accounting industry. Although he’s not very tech-savvy, he understands why it’s important to keep up with change and boasts that he’s a lot more informed than other accountants his age: “It’s like email. You can’t fight and expect others to write to you with pen and paper.

How This Xero Course Changed My Son’s Perspective On Finance

My son now uses Xero to track all of his expenses. When he receives his allowance at the start of each week, he enters it into Xero as an income transaction. He records all of his school expenses in the Notes app on his phone and writes everything down in Xero when he gets back.

My son started asking me to explain the intricacies of financial statements and how the three statements relate to each other. What makes me proud is that he started learning on his own by reading on Investopedia, “How do companies use accounting for financial fraud?” I don’t understand this section in Investopedia. I didn’t expect to hear that from him!

His income statement, balance sheet, and cash flow statement are now his favorite things to look at! Definitely worth a try for all parents who want to teach their kids about personal finance from an early age.

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