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Teach Children about Money?

Discussion in 'Money Matters' started by spuppala, Dec 12, 2011.

  1. spuppala

    spuppala Gold IL'ite

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    Money-Though it is not the only pillar that our life stands on..it is one of those strongest pillars without which life doesn't stand firm..Money is one of the important factors for people to stay very far away from their dear families in different parts of the world..(I accept the exceptions).As there is no need to explain about how important it is..the need of the hour is to let our kids get educated about its importance..

    As for me,though my parents haven't taught specially about the importance of money and savings,I got to know about it through the tough phases of life I have undergone and I am sure it would be the same for most of you people too..BUT..............................As generations pass,the quality and standard of life has been rapidly increasing and the latest group of children are in a very comfort zone.By the time they born,their parents are being in a very good position with sufficient bank balance,car,house etc. Comparatively, they are less known to the monetary problems and all..Such a phenomenon demands the need of teaching kids about the importance of money ..

    As we all know for any kids,their home itself is a school and mother is the first teacher.Along with their studies it is equally important to introduce them to basics of money..Just want to share few ideas..

    • We need to introduce them to money from the time they start learning counting..
    • Give some some money to them monthly and ask them to spend it in a right way..Ask them to maintain a sheet on the expenditure and savings of their monthly allowance give by you..Make them buy their fav toy or shirt with the money they save:)
    • Buy them a kiddy bank when they are very young..It creates lot of interest for them..I maintain a kiddy bank even now!
    • Teach by by example-Make them understand how you save money on little things..Ask them to repeat the same with their allowance too.
    • Ask them to shop vegetables or groceries nearby and make them feel ease on bargaining,verifying the change given by vendors etc.
    • When they grow little older,teach them about savings account,and make them to create one in the near by post office or so..these days it became very rare to do such things..but it is a better way to teach children about money savings..
    • Create a bank account for them and ask them to maintain it by depositing their pocket money into it..sure thy would try to save some as they don;t want to see it empty ;)
    • Keep a quota for their pocket money and monitor on how they are spending..Gently tell them when they are wasting it..your explanation should not be arrogant
    • Create them some opportunities to earn money.That doesn't mean to burden them.Encourage them for part time jobs.Be it teaching in a tutorial,some simple chore..i guess credit point system works here..
    • Involve them in family discussions when it is about budgeting and saving money.
    • Give them interest on whatever money they save monthly from their pocket money..they feel elated when their money doubles!
    • Set yourself as an example..~If they grow up watching you wasting money then sure they are gonna behave like you!
    • Teach them the basics of stock market in simple words..like a story..ofcourse when they reach their school final.
    • Ask them not to compare with friends in clothing,pocket money etc.
    • By teaching all these to kids,they will definitely get to know the value of money in life..I had an idea of this in my mind to teach my kids(when I become a mother) coz they should never ever think that they are going to spend a luxurious life forever..Who know what may happen at times...!!

    So friends,there are so many experienced mother here..Kindly pour in your ideas too and share some tips on how can we teach children regarding money from their very young age..
     
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  2. sushmavja

    sushmavja Platinum IL'ite

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    Sp,
    good tips dear. my DD already has two piggy banks..one for smaller denominations and other for higher denominations. Everytime she wastes water or puts on AC or lights unnecessarily, i tell her that this month the bill would be paid from your kiddy bank, she will immediately off them..
     
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  3. spuppala

    spuppala Gold IL'ite

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    Hi Sush,

    Vow..thats very nice to hear about the way you are teaching your DD..its very catchy..Excellent tip dear..

    am almost imaging your cutie switching off the lights as soon as you tell her that you are going to debit money from her kiddy bank HAHA!!!

    Btw your inbox is full..could you pls clear so that I can send you one PM..
     
  4. sushmavja

    sushmavja Platinum IL'ite

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  5. Nettem

    Nettem New IL'ite

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    in USA u have the best resources to teach children about money from grade 1 itself.there r different summer courses too available for children reg Money or business etc. Dealing with money is one of the 5 imp skill sets to be taught to children from young age.

    1. healthy habits or healthy leaving
    2. being law abiding citizen
    3. About Money
    4. political ethics
    5. Life skills

    Don't teach them abt religion or customs or rituals etc.

    Though i don't have kids, i have lot of resources reg above 5 skills to be thought to children. lets see when i am feeling good, i will try to share it on IL.
     
  6. fraudalert

    fraudalert New IL'ite

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    wow what a detailed analysis
     
  7. ssnlow

    ssnlow Senior IL'ite

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    I try to teach my daughter about money by showing her videos or letting her play games. A nice video is Cashville Kidz on Youtube. I play Junior Monopoly with her to teach her about 'investing', and let her play "Playmoolah", a very nice online game which teaches kids all about money.
     

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