In this modern and developing world the glamour of high tech toys, branded clothes, electronic gadgets, super malls, multiplexes, hotels, restaurants, tours and travels, vehicles, cars and so on has occupied a concrete place in everybody’s mind. Whether it is kids, teens or adult possessing all these makes them feel up to the mark amidst relatives, friends and society.
The most important thing that it should be taken care is that you teach the value of money as per their age which they can understand and should be done lovingly and with right attitude.
It is nothing wrong in experiencing the things available in the market. At the same time teaching kids the value of money is necessary and important for both Parents and kids. It should be done so there never comes a time when Parents have no money when kids want something that is necessary and important.
The process may include:
- It can be started with a tender age of 3 years by giving them a piggy bank, Rs. 2 or Rs. 5 per day is enough for them to get a feeling that it is their own money.
- Pocket money on monthly basis should be given per month to the elder kids.
- Making teens a part of the team in making the monthly budget which would give them the idea of money spend in different areas of life.
- The whole teaching process can also be made fun filled by playing indoor games like Business, Monopoly and other games related to money and investments.
Valuing and respecting money is important. The most important thing that it should be taken care is that you teach the value of money as per their age which they can understand and should be done lovingly and with right attitude.