Today’s topic is very crucial for kids and even for adults. Money has been an important factor in our lives. We work hard to earn money and with that money, we buy our necessities and then luxuries. We earn money and so we know how much to spend that will be filled up again next month. But how will our children know this? Are we teaching the right value of money?

Well, I guess each one of us has a different set of examples to give it to their children. I have also shared some of the points here. Let’s see how much you agree with me:

  •  Firstly, there is a different theory for different age groups. What I teach my 9-year-old may not go well with my 4.5-year-old. So there has to be a different language for both of them. And my preaching goes with the elder one because the younger one just copies his sister blindly.
  • The most important fact is to explain that money is important for many things in life but not all things. Yes, money buys many luxuries but not love and emotions. That can be grown in a family only. When there is no money or less of money then it is this family only that bonds together and makes you strong.
  • Every family has different earning power and different spending power. What others are buying is not symbolic that we should also go for that. When my daughter says that most of her classmates have an I Pad, I only tell her to be thankful what all she has. I tell her that I don’t think she has become responsible enough to maintain an I pad. When time will come she may have something much better and more worth.

 

  • Teach them what is a necessity( a thing without which you can’t work) and what is a luxury ( a thing that is for pleasure or you can be without that thing). Everything a child says cannot be bought. They have to make a choice which one to go for.
  • I tell my daughter to tell me what she needs beforehand only. Then I tell her that I have made a list of all the things in my mind. Now when she does something good or remarkable, I will get her one thing from that list and this will go on forever. But at the same time, when she misbehaves I make it a point to take away a thing also.
  • Remember that your children watch you then listen to your preachings. You can’t be like one and preach them to be like another. This way they get confused and will revert back.  

Some things go well with one parent and the other goes with another parent. This is called experimenting with parenting. This is an ongoing process. I hope these tips are helpful for you.

Linking this post with @Deepagandhi1 and @misra_amrita for #MMM

 

46 thoughts on “Value of money

  1. I love the part where you shared what works for one parent may not work for another. This is such an important reality. Alps, that making list before hand makes a lot of sense. Thanks for the share 🙂

     
  2. This is what has been inherited in me when I was small…and I am proud that I am carrying this legacy too…The child also needs to earn his requirements…Good read!!

     
  3. my parents giving me pocket money and that is how I learnt the value of money. I actually understood the difference of need & want as I had to use my pocket money. Very good suggestions Geethica!

     
  4. These are some great tips. It pains me when i see some parents reward children for the smallest of things with objects. Saving and the value of money is a far better skill to teach

     
    1. That’s correct. And the point is the child is always watching you rather than learning from your teachings. Thanks for commenting.

       
  5. Very true, kids now a days specially newd to know the value of money!
    Good post!👍🏻👍🏻

     
  6. I love the part where you shared what works for one parent may not work for another. This is such an important reality. Alps, that making list before hand makes a lot of sense. Thanks for the share 🙂

     
  7. A very sensitive and pragmatic approach towards the topic Geethica, loved each and every point. Age wise elaborating kids, telling them beforehand what is expected from them and learn before preach… Love it.

     
  8. Yes it is very important that kids be sensitised about the earning power and spending power concept. That I guess can be possible only once kids are big enough to understand this concept. The challenge sometimes is to tame your kids when they do not understand concepts like money, earning. Then the understanding of needs, necessities and luxusires is the route to be taken.

     
  9. Agree with so many points there – needs vs wants. Also making that list – I’ve been after my children to do that. This reminds me to remind them one more time. It’s a great idea. #MMM

     
  10. Tats a great way to tech the value of money. As you told every parents should teach money can’ t buy everything … And experimenting with parenting in an interesting term 😊…

     
  11. Its true that the tricks that can go with some children can’t go for another every time. It all depends upon the perception and circumstances.

     

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