Have you taught your child the importance of money?
Understanding the importance and management of money at an early age will prove
beneficial for the future life of child. Read on to know some tips to help
children learn importance of money.
children understand the importance of money is a very important responsibility
of parents. Once children understand the importance of money they can
make wise decisions relating to money matters in their prospective life.
Therefore, it is very critical to make children understand the importance of
money at the right time. Such maturity amongst them relating to money matters
will definitely help them achieve more in life.
parents aim at providing each and every facility to their child. As such the child
may not be aware about the financial difficulties which are faced by parents.
Therefore, it is very essential for parents to make children understand the
importance of money. If they learn to respect money at the right age, they will
definitely grow-up as wise human beings. Here is how you can teach children the
importance of money.
children aware about how you manage the day-to-day expenses. It is necessary
for them to know that from where money comes and where it goes. Make sure that
your children understand that you do a lot of hard work to win bread to your family with
which day-to-day expenses are taken care of. Also tell your children that you
need to do proper planning to manage day-to-day expenses. If you give
pocket money to your children ask
them to keep a record of how they have spent it.
Involvement in Decision Making
you decide to spend money on a holiday for your family or you are buying any
gadget or gizmo for your house, involve your children also. Let them know how
you planned to earn and save money to buy such things for your family. Tell
them your budget for buying a particular thing for your family. Make sure that
they understand that money should not be spent out of the budget.
Importance of Saving Money
your children know how saving
money has helped you in your life. Tell
them that saving money is critical as it helps in times of
difficulties. Teach them to make small adjustments so that they can save money
and use it when required. Ask your children to maintain a piggy bank and save
money out of the pocket money. Reward them when the piggy bank is full.
can also teach them to make small savings. They can make small saving by
avoiding using bus when they have to travel for a very short distance. Instead
of spending money on bus fare they can go walking.
Importance of Proper Investment
like adults do, children should also learn how to make proper investment of the saved money. If your children are forcing you to buy an
expensive toy or gift, you can ask them to save money and buy it by on their
own. If they are confused regarding what to buy out of the saved money, you can
guide them. You can suggest them to buy good books rather than buying
toys. You can invest their money in
child insurance plans along with your money. This will make them feel that the
saved money has been invested in right manner.
Avoiding Irrelevant Expenses
should teach them to avoid irrelevant expenses. You should tell them how you
avoid irrelevant expenses. For example; you can tell them that having extra
cheese in your burger requires extra money whereas if you do not put extra
cheese you can still fulfil your hunger. Similarly, when we can make use of one
pen and can reuse it by refilling it, there is no need to buy extra pens.
times, at the end of each academic year we can find many note books which are
not used completely. Children can make use of such notebooks as rough books for
rough work or can make rough notebooks out of the remaining pages. In this way
lot of money can be saved by avoiding irrelevant expenses.
Follow What You Teach
should follow what you ask your children to do. After all children always look up
to their parents and behave accordingly. Therefore, it is very necessary that
you too give importance to money so that your children will also follow you. At
the same time try to help them imbibe a thought in their minds that money
should be earned only through hard work.
Hard Work and Money
should not be forced to do anything. Parents should try carry out activities
which will automatically generate a sense of importance for money in them.
Parents should give pocket money to their children when they help them in the
household chores. They can give them pocket money when they take part in
cleaning the house or helping mother in kitchen. In this way children can
associate money with hard work. Any person automatically starts giving
importance to money when he earns it with his own hard work.
this way carrying out the above mentioned activities will help you teach your
child the importance of money. If they understand the importance of money at an
early age, they will have a very bright future. They can take proper decisions
regarding savings and investments and will learn to achieve more in life.
your child use a piggy bank? Do you encourage your child to save money? Have
you taught your child the importance of money? Discuss