How do you teach value of Money to your kids?
There are times when you get such a topic to write wherein you can talk a lot, but for writing the brain goes into splits – debating on what to leave or add?? When I learned about the topic shared on #mondaymommymoments, “How do you Teach Value of Money to Kids“ made this post as draft ‘only‘; waiting to re-read zillion times – just to add/delete few more times.
Money – we all know the purpose, importance and value of this. It’s very crucial for living and yet we call it’s not THE thing in life (generosity) But when it comes to teaching kids the ‘Value of Money’ how are we doing that? Most of my friends and colleagues live in nuclear families – where in both parents are working and kid is either at day care or under a relative’s care. Hence, when they get time off with the kids – the pleasantries are all around. Fulfilling demands – without being questioned of course (haven’t you heard of guilt cautious) But what are kids imbibing from all this……???
So, let’s talk about few ways to Teach Value of Money to The Kids –
1.Talk about necessities – collecting play-dough, crayons, McDonald’s freebies on every visit is not a necessity. It’s really important to teach value of money attached to the necessity of their demand. Last month my little lady wanted to get a new swim-gear, when I asked her the reason – she said, I like Frozen collection and I want to have one of that. So, how do you curb such demands – simple explain the logic, kids are much smarter today than their age.
2. Let them earn – create an environment where they understand all good deeds get them some brownie points errr.. coins here. We have made a piggy bank for her where in she keep her reward money – reward for being best in what she is doing or how she behaves. All her money then either goes into her choice of purchase at the end of month or in her savings kitty.
3. Money Talks – Yes, talk about value of money with your kids… this one is tricky as we have to do according to their age. My miss is just 5, so I cannot talk to her about monthly economics! However, I still tell her about the cost involved behind everything we buy or intend to do. For example – if she wants to have pizza and then just have one morsel and says enough, I explain her the money value and hard work done on that particular pizza. Or if she wishes to have a brand new toy/dress/shoes etc (which is not at all required) I explain her the reason on refusal or talk her for barter. (I do not hesitate telling her this is uber expensive or not needed)
4. No Competition with Peers – This is something which you have to imbibe in them day after day, repeatedly (when they are in tender age) Kids definitely going to copy what their friends do, this gets little tricky when it comes to spending. I always get weird demands from my miss during school days – Doremon watch, Elsa’s dress gown, Barbie Bag like her bestie has, or some funky dory school supply. Hence, this has become my daily dose of ongoing gyan session where I keep telling her this is not required.
5. Lead the way – Kids are observant we all know that, they learn from us – our behavior, our attitude, our belief system. So lead the way with example – our reactions toward value for money imbibes in them directly. Hence, make sure your behavior towards monetary teaching should be the same as you which them to learn.
When it comes to talking and preaching it’s an easy task, but in real life scenarios when kids ask multiple questions about what has just been told to them about Money & it’s value – it’a become real tough. Practice makes a man (err…mom) perfect so keep on practicing I am sure we will be able to imbibe Value of Money in our kids sooner.