Teaching Money Management Skills To Your Child
Sneha and her piggy bank is the centre of attraction in our house. Sneha is my 10 year old niece who loves her piggy bank more than anything else. It’s a treasure for her that she never wants to lose. Every time her parents or family members give her money for buying some goods, she kept the money in her piggy. This little girl even doesn’t know why we save things; then also she developed this art of saving. I tease her with this piggy and every time she gets angry with me.
In our childhood days, we used to get a rupee or two as our allowance. My parents started giving me allowance when I joined my senior school. But these days, the kids start getting money in a very early age. There is no harm in providing them with pocket money, but before that they should be well acquainted with its importance. In the metropolises, most of the parents are working and thus they don’t give a second thought before offering their kids what they want. This may develop in children a habit of getting everything with a single wish. This turns to be harmful in many cases when they become grownups.
It is not a very easy task for parents to teach their kids about giving value to things. We adults understand the importance of it because we go through various hardships to earn it. Thus use every chance to explain to your child how you plan the monthly budget and how you spend money accordingly. Learning how to successfully manage money is a skill they will have for life. Teaching children about money also can make them better money managers when they grow old. The following suggesting may help the parents in their teaching process:-
• Whenever possible, take your child to the grocery shop or the local markets. If your child is a grown up, ask them to count the account. If they nag you for buying them some toys of their choice, don’t just negate or scold them. Tell them patiently why you can’t provide them the toy that they are asking for
• If your child is old enough to count the money after buying something, give them the list of goods and some money to buy them. don’t give enough as this will teach them to manage their account within limited resource
• There are different games that you and your child can play together to strengthen your child’s understanding of money. Research studies proved that when kids are taught by means of plays, they develop a better understanding of things
• Ask your child to write down in a notebook every expense that they made in a day. This will enable you to understand where your child is spending the money and at the same time also teach them about taking care of their own expenses
Money management is a learned skill that comes from real experiences. It is very important that children learn the value of money and the role that it plays in our lives. Teach them how to make smart, educated buying decisions.
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