Talking Money to Kids.
Ohh my God, how can you talk about;this? Is that what's running across your mind!! In our indian system of lives, we aren't allowed to discuss some "stuff" with kids. We cannot discuss money, cannot discuss menstruation, cannot teach them about good touch bad touch. We wait for schools or life to teach them all these;things or probably now the YouTube and internet gives them more information than we should do as parents.;
I chose to write about this after a particular incident that happen the weekend before Ugadi. My husband and I, took our son for the festive shopping. As usual, we chose a mall instead of a stand alone store, so that we have different options and brands to look at. While I was busy choosing clothes for Aarav, my husband and Aarav were in the toys section. He (my son) chose a particular car and he wanted us to buy him that, roughly priced around 3.5k. and a small puzzle. We gave him an option to choose between stuff, but he wanted both. We managed to divert him, bought him some puzzles and clothes and moved out. Midway home he realised we didn't buy him the car he wanted and kept saying and expressing resent that we didn't buy him that toy.
;As parents each of us wants to give our kids the best and what they like the most. But I have a theory to this, buy such expensive stuff if your sure your kid is gonna actually play and use it, because they usually loose interest in a day or two. The same night, at bed time my son was still unhappy, so I just told him we'll pick it up next time and put him to sleep. After he slept my husband said "Mahima how do we tell him the expensive aspect or the aspects of money." His intention was that he should understand what's what and it's not just about buying and giving him what he wants . I kept thinking about it every since, I guess I have been able to figure out how to handle this and wanted to share a few tips with my co mom's too.
1. Never talk in figures. It can give them a wrong impression that we are not ready spend or feel it too burdening.;
2. If your kid is above the age of 8, tell them the budget you have in mind. It's ok to tell them and let them decide. It will help them to manage their finances well in their future.;
3. Once your kid reaches the age of 6, give them some teeny meeny pocket money and teach them to save part of it. Like for example, say you give ₹10 and give them a coin bank and tell them to put about ₹3 or so in that. Will help them learn savings
4. In Indian system, when someone new meets the kid for the 1st time, they either get them gifts or give them money. Do not use it for your personal needs. Teach them to save it and use it later to buy their fav toy or books or stationery. It will help them organise their finances in future.;
5. Never talk about how expensive the stuff is , talk about how valuable the stuff is.
6. If your kid has crossed the 10 years mark , teach your kid that money is earned, doesn't come easy...in most of the western countries kids work for their pocket money...I wouldn't say let them work for somebody or anybody. Give them small tasks at home with an assigned price they would earn for it. It will teach them both hard work and value of earnings.;
7. When your kid turns 15, give your kid some basic responsibility of handling few things at home. You provide and watch them do it. Will help them to cater to financial reasoning.;
8. Teach them to make note of their expenses and evaluate the expenses.;
It's time we broke stereotypes and discussed with our kids the "unspoken", the "undisclosed". It's time we prepared them for a richer future by giving them small and simple monetary lessons at a; age when it's easy to learn and accept correction. Some of you may not agree with me, but I feel personally that we should talk and teach about this aspect of life too.;