Teaching the value of money is difficult.Guess why?Because we have a twisted psychology towards it.If you have grown up in a middle-class family you have obviously heard the talk about living honestly and comfortably.Don’t need a lot of money!
Poverty is glorified and poverty and honesty seem to go together.While wealth and dishonesty are best friends.
That’s a big mind block to making or saving money.The mechanism is so ingrained that whenever people have more money they spend it on unnecessary items.This continues till they go back to that comfortable state of just enough money.
How useful is this psychology for Making or keeping Money?
Not useful at all.
For teaching children about money should come from childhood.What we teach now will influence them forever and shape their lives.Money is energy and is actually a means to barter.Money advice and lessons will depend a lot on the childs age and your relationship with money .
What I want to tell my daughter :Life lessons
Money is energy and is actually a means to barter.
When people give you a product or service we pay by giving money .Money should be exchanged in this way so that the balance is maintained.Saving money is very important. But so is earning more.In order to earn more the value, you provide with a service or product needs to be increased many folds.
That’s why you need to study hard and develop a useful skill so that you can help others and support yourself.
Spending money on unnecessary things which you don’t want to play with after 1 day is no fun.Save your pocket money to buy things which you will enjoy for a long time.
The extra pocket money will mean extra chores around the house.My daughter is five, and she helps me with making beds, management, tidying up her books crayons pencils.Keeping track of her own things.You can always give work according to age.Knowing housework is important for both boys and girls and this is basically three birds with one stone.Home management, money management and also the value of honest work!
Always help others be self-sufficient.
Lending or borrowing money between friends should always be discussed with parents.
Keeping a little bit of your pocket money in the piggy bank will help you.
Always spend less than you earn.When you take care of your present your future will always be rosy.
5 Things to do with your child
Open an account with him or her.A joint account with Guardian will get you a fully featured minor account.Beyond 10 years, they can have their own account too!.
Start a recurrent deposit with them which can act as a college fund for them too.
If you start investing in a mutual fund through online portals you will have time on your side and the magic of cumulative interest working for you!
You can give her bonus after she/he is able to save a particular amount every month.
Let her withdraw from the piggy bank, up to 30% of saved amount at one time.This way she not only will learn to save but also plan her own treats .1
You can also check out my saving money post
Earning money honestly and growing it is not BAD!It is in fact GOOD.When you create wealth that helps improve not only the situation of your family but also the economy of the country.Sounds far-fetched but , every drop matters.
This week’s prompt:
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Teaching the value of money
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