How to Teach Your Children the Value of Money

2019/11/22

Things come more easily in today’s world. Earlier, you had to have the money ready with you or you could just not buy it. In the age of credit cards and loans, you do not need money ready to buy something. Just the intent to pay for it.

The downside of this easy money availability is that you often do not realise how much you have actually spent. It is better to teach the value of money to children right fro man early age. Now with more and more parents working, they tend to give too much to the children without supervising their spending. as a result the children become unaware of the difficulty faced by their parents in earning the money they are spending. by the time the child is eight or nine it is good to give them a standard amount of money which can be given weekly or monthly in the form of pocket money. They should be made to understand that they have to work within these means, and they will not be given any more money till the stipulated time period is over.

Sometimes children ask for expensive things. It is advisable not to give in to their demands very easily. Allow them the opportunity to work for it. tell them to do odd jobs in the house such as laying the table, helping in the cleaning and vacuuming for which they will be compensated with money. They should then give you some money towards the product they would like to buy.

Encourage your children to take up summer jobs and offer any help you can. This will give them the drive and confidence to go out and work, an also teach them the importance and value of money. They will understand that money does not come easy. You will also see a great change in the way they spend their money. They will naturally cut down on desires and learn to make choices about things they wish to buy. Make them open and oprate their own account once they are old enough to understand it. tell them that once they have saved a certain amount in it, you will add onto it, and grow their money for them.

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