Value of Money is an Invaluable Lesson

We all want the world for our kids. Each parent works in his/her optimum capacity to provide nothing but best to their child. However, there has been a never-ending the debate over how much is too much when it comes to providing things to your child. Also, when we are already working hard & giving everything to them, how will they learn to build their things? Well, the subject seems simple but has a tricky aspect associated. As most parents agree & understand that kids should learn the value of money, very few teach this lesson effectively.

Learn to Say No

First, the thing we parents need to learn is when to say no. This skill cannot be taught. Each parent & family need to understand the dynamics of their financial and social situation & should take a call accordingly. A simple example would be if the child is asking for a new computer for studies & there is already one old computer serving the purpose, don’t waste money on a new one. Also, teach your child that they should not compare the things & resources they have with their peers. This will help them to be happy & satisfied in future as well.

Keep them Informed

Each member of the family should have a fair idea of what is the financial situation of the home. Especially when there is some kind of crunch is going on, all need to be informed. I am not suggesting that you should burden your child with the financial worries in their tender age. But the wise thing is to make them aware of the situation appropriately & seek their moral support. Make them feel included but not burdened. This will help them to develop empathy & responsibility.

Teaching the Skill of Earning

Children should be briefed early in their life that earning money is important. Also, they should be made aware that each should have a clear career goal in mind. Parents should encourage them to take up odd assignments to earn extra pocket money. Here I am not suggesting that they should be paid for doing chores at home. Anything in the house is their duty as a family member. Hence, encourage them to take up tasks outside of the comfort of the home.

Explain in Detail

All the above given suggestions should not be imposed on the children. Always be prepared with a logical & satisfactory explanation if the child is not agreeing to abide. Using authority as parents are not advisable if you don’t have a proper answer to their query. As logically we must provide them with all the necessary support, help & resources till they are dependant on us. That is why if anyone wants to change the existing system in their homes, initial orientation is very important.

 

While I am suggesting that parents must teach their child the value of money, I strongly suggest that everything should not revolve around money matters. Teach this important lesson with utmost patience & determination. But ensure that the child doesn’t get oriented on the path of becoming an overly calculative person. Well, there is a thin line between skimp & thrift which we all should be aware of.