Teach the importance of money to our kids

This time I feel like I should talk about this topic, because recently I had to deal with my son regarding this, when he demanded a robot from me. Instead of fulfilling his demand, I decided to made him understand the value of money and its importance as well.

It’s not that I could not afford to buy him a Robot. The thing is that he already has lots of toys, games which he received on his birthday and if I am going to fulfil all his demand then he will never realise the value of money.

So that day I told him how his father works hard to earn the money, how saving plays an important part in our lives, how to spend the money within limits and it’s importance.

Though it was a little difficult for me to convince him, but then I noticed things changed from that day, he started saving his pocket money. In fact one day his sister asked money from me to buy some chocolates and my adorable son said to her ” Ruko Didi, I am giving you from my piggy bank” he gave her 200 rupees to buy whatever she wants, then she bought the chocolate for both of them.

I make him understand how to spend money in a wise manner and save it in different phases. He is learning it slowly, I am happy to see, that he is trying by bringing little changes in his lifestyle.

I feel every parent should let their kids know the importance of money. It’s good to pamper our kids with gifts, toys etc but it’s also necessary that they should know how to spend it wisely and also understand its importance so that it will help them in future.

In today’s time, we provide the best facilities for our kids. Consequently, they may not realise how hard it’s for parents to face financial difficulties.

Here I am sharing some points which may help while discussing with them about the importance of money:-

* Let them introduce with coins then they will observe each coin is different then start with the rupee. Then they will know the worth of rupee and coin.

*Set an citing example for your kids, if you are going to overspend they will learn that only. So always spend money wisely and pay bills on time which help them to learn this habit from you.

*Teach them how to spend, share, save their pocket money or the money which they got for doing any chores or getting it on any celebrations of their birthday in 3 separate jars. The saved money can be given to the needy one when they need any help.

* Why saving money is important? Tell the same to them by giving them citing example from your personal life, how you struggled and faced difficulties in life, so it’s also good to save money.

* Ask them to have a goal of saving for 6 months or 1 year.

* Play money game with them so that they know how to spend and buy and invest wisely in the game.

*Make them aware of the difference between need and want. Like if your son wants to buy a video game then tell him either you will get this or your sports shoes. So this will make him think twice before taking any decision.

* Tell them to get something from your pocket money but don’t ask them to get a high budget thing, make it a small amount item, so that the day they will buy from their saving they will know the value of saving and investing.

So these are some points which should help your kids to learn the importance of money.
Have you started teaching them already? If yes, then what was their reaction?
What difficulties are you facing?
Please do share with me in comments so that it will help me as well as other parents too, till then have a nice day to all.

Happy Parenting

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15 thoughts on “Teach the importance of money to our kids”

  1. Sahi baat hai, shuru se hi baccho ko paise ki ehmiyat samjhani chaiye taaki unko iski value pata rahy
    Bahut accha likha aapne

  2. True , if something is available easily we don’t value that thing , money management is important part every parent must teach to their kids

  3. Informative post for next generations kids who have seen easy money, thanks to parents who provide them all they need. Kids must understand the value of earning it as well as spending it too. #PraGunReads #MyFriendAlexa #BlogChatter

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