Teaching kids the value of money now, will help them in a long rum!
142
|   Aug 09, 2017
Teaching kids the value of money now, will help them in a long rum!

My dad and mom both had good number of siblings, so did the next generation-ours. All my cousins have either one sibling or 2, so there was enough company around always. Maximum of my cousins or people I know, have either one kid or 2 maximum. The best part is no one complained then with house full of kids nor anyone is complaining now as we have one or 2 pampered kids at home. As we adapt to the changed circumstances, so does our behavior and outlook towards things and people.

How our parents, with few or hardly any toys; had all the fun with good company to play around in the house itself. I had one younger sister to bully around and pamper both. There was some sharing of some sort always involved, either of toys or chocolates or parents or money in times of crisis. Well, we knowingly on unknowing learned the art of selling, negotiating and exchanging things to make most of it on offer and were thankful for them too.

On the contrary today we try and provide best of facilities & latest toys to our kids. We deprive them of some basic learning of being thankful for what they have; a sense of gratitude, sharing, learning to compromise negotiating and making most of the resources on offer.

Well, the family dynamics have changes for most of us and the times have too; but if we wish to impart the same sense of upbringing in our kids, we need to work towards providing them and not providing them, with things on different occasions, to make them future ready.

Pay them pocket money

Show them both the options of splurging on their toys and saving for a special occasion. Let them make their own decision and let them witness the pain of not choosing the other option. It would help them make better financial choices in future. Work with their knowledge of material things which matter to them, a set of Bebalets, latest Lego game, new pair of shoes etc. BTW warren buffet made his first investment at the age of 7. You never know what your kid might plan to do with his pocket money.

Let them do their own shopping

Take them shopping every time they demand something, let them shop with conditions of only one buy, no repeat, something at home needs to be given away in exchange of this new purchase and for how long they cannot buy something else.

Give them budget to plan their own birthday

Let them decide what they want to do with the sum of money, buy something for themselves, or splurge it on a party, to invite a mob or have a set of friends watch a movie together. It would work both ways, it would give them a sense of accomplishment and grown up feeling also help them be more resourceful, do the most within the resources and means. They should make a conscious effort to understand how the world and money works and would be forced to weigh the value for the activity they choose.

One of the greatest gifts we can give to you kid is to give less, to force decision-making and awareness among all their choices. We need to have more faith in them and let them be challenged to make choices and then stand by them. Hey will get troubled because not all kids are being thought the same but trust me, your kid should shine in the long run being thankful for what we has and would be ready to make better financial and life decisions.

Make your kids future ready, believe me it is not an overnight process, start now!

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