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    Friday, February 03, 2012

    Teach Children About Value Of Money

    Taking children out shopping can often turn out to be a nightmare, because they seem to want everything they see! The reason for this is simple they think their dad’s money never ends. It may be fun to watch a toddler points his little fingers at things, asking you to buy them.Yet, as children grow up, it is important to give them a more realistic picture about money, and your family’s finances. 

    Of course, this does not mean that you should overburden your little one with all the details of your income and family budgets. This will only confuse the child. How can you take the first steps in developing a sense of financial responsibility in your child, without sounding too fussy about it ?

    Here are some tips :

    A good way to start is to give an understanding of how money works. Use everyday opportunities to point out how money is used. For instance, when you are out shopping with your child, show him how you compare prices of different things before making a purchase.try to talk about why you make a particular choice, weighing the cost against the thing’s real use. Let your child understand that you are making your choices based an ‘needs, ‘rather than fancy ‘wants’. You could also let your child actually hand over the cash when you are making some payments to the newspapaereman, or the dhobi, for instance.

    The child would then become aware of how money is exchanged in return for things, as well as services. All this should be done in a casual, playful way. Gradually, your child is sure to understand the idea of money, and also that there are limits to its spending.

    It is also never too early to teach your child about saving money. But your child a piggy bank, and give him a few coins to put into it. Money received as gift at festivals, on birthday’s etc.can be added to the piggy bank. Explain to your child that when the piggy is full, he can use the money in it to buy whatever he likes!

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