Money Conversations With My 5 Year Old
|   May 16, 2015
Money Conversations With My 5 Year Old

The headline of my post probably made your head spin.

Why do we burden kids with money issues at this young age? Let them enjoy childhood. Once they grow up, it will all be about earning money. Isn't it? 

But if i told you that our money chats are subtly built in our every day activities, you will be pleasantly surprised.

We don't make these conversations too heavy for him to understand. The idea is to have him grow up with certain money values which he will guide him when he enters the proverbial rat race.

A.When we visit garden, I tell him he has to wait for his turn on the slide or the swing.

Implicit Money Message:Hopefully he will grow up knowing that he needs to wait for things he wants.

B.Whenever he gets another set of crayons as return gift, we tell him that its something he already has.

Implicit Money Message:I hope he will understand that one set of crayons, pencil is his NEED and having another set is his WANT

C.On a holiday, when we are in the hotel room, he gets tempted to grab a Mars or juince from the mini-bar,I tell him "Sweetheart, wouldn't you like to have three of them when we get back home? The money we will pay to buy them NOW can buy us two if not three LATER"

Implicit Money Message: Control instant urges. Look out for cheaper options before buying things.

D. At our bedtime story routine, we read about Raju, a boy who dreamt of growing a money tree, ends up growing a fruit tree and keeps money at home and its eaten up by rats.

Implicit Money Message: Money doesn't grow on trees. we have to work hard to earn it and protect it.

E. During Mall visits, a toy train ride or a playzone time can be for limited time only but we can play in our garden as much as we want. 
Implicit Money Message: Things that cost money cant be done again and again. 
F. Whenever he gets money as a gift, we give him options: Buy something now or save it in your piggy bank to buy a big thing later on.
Implicit Money Message: Ability to decide if he wants to have instant pleasure now or forgo it now for something big later.
Since #EverydayisMothersDay, when are you going to start a money conversation with your kids? 

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