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Great Ways To Teach Your Kids About Money?

    IndianMoney.com Research Team | Saturday, February 25,2017, 06:40 PM
 

 

 

You go to your favorite restaurant, to have hot Dosa for breakfast. What do you see? A student has left his Masala Dosa half eaten and walks away. Then another nasty surprise….You look around and see a lot of empty plates on the table…. only they are not empty….They are filled with half eaten food. You can’t help, but wonder at this wastage.

Just take a look at the city of Bengaluru. More than 68% of waste is food. Leftover fruits, vegetables, curries and cooked meat are dumped in dustbins. This fact is going to shock you. India wastes 67 Million tonnes of food each year. Imagine the money being thrown into the dustbin? After all food costs money. Could all this wastage have been avoided? Yes, but only if all young children in our country, were taught how to handle money. Learning to handle money, starts at a young age. A kid who knows to handle money, grows up to be a responsible adult.

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Teach your kids the value of money

You earn a good salary and keep your money very carefully. Save a lot of money….Invest wisely…Spend carefully….this is your motto. Unfortunately, your 9 year old son Rahul, is not following your ways. He forces you to waste money on toys and chocolates. You bought Rahul a new toy car? He has broken it and wants a new toy car, RIGHT NOW.

Enough is enough. You have to teach him the value of money. How can you do this? Just tell him, “Rahul, why don’t you earn some money. You can buy whatever you want, without having to ask me.” Rahul wants to know how he can earn this money. You tell him, “Just wash the car everyday and I will give you 5 Rupees.” Rahul is very happy with this deal. Soon he will be able to buy whatever he wants, or so he thinks.

Rahul washes the car everyday for a week. Then, this work starts getting difficult. Rahul wants to stop, but the greed to earn money, keeps motivating him to clean the car for 2 more days. Rahul has earned 45 Rupees. He goes to the toy shop to buy the new toy car. The shop keeper says, pay me 200 Rupees and take the car. Rahul cannot afford the toy car as he has only 45 Rupees. He soon realizes how difficult it is to earn money. Getting up early and washing the car is not very easy. Rahul has learnt the value of 5 Rupees.

Rahul has learnt that money does not grow on trees. He has to work very hard to earn it. Rahul now admires you and understands how hard you work, to earn money. Rahul will never waste money and grow up to be a responsible adult.

Teach your kids never to waste money

You take your daughter Shruthi, who is just 7 years old for lunch, to your favorite restaurant.  As you enjoy a great lunch, you see a middle aged man, leave his food half eaten and wipe his hands. Shruthi asks you, “Why is this man wasting so much food.” This middle aged man is setting a bad example. He is teaching Shruthi how to waste money.

Then you get a brilliant idea. You tell Shruthi, go ask uncle (middle aged man), how much he paid for the lunch. Shruthi is a very smart girl. She asks uncle how much he paid for the lunch. He replied…. Rupees 150…. Shruthi says, Uncle you have left Rupees 75 in the plate. Uncle is confused…Where is this money he asks? Shruthi says…Uncle, you have left half your food uneaten. You have just wasted 75 Rupees. Shruthi then says…. “Uncle, would you have wasted the food if you knew it was 75 Rupees you were leaving in the plate?.” No, he replies.

Shruthi never wastes money, or for that matter food. She has learnt the art of saving money at a very young age.

Your kids have learnt to handle money at a young age.  They have learnt this through the practical approach…Seeing and learning. Tomorrow your kids will move the Nation forward, as it strives to be a superpower. Be Wise, Get Rich.

 

IndianMoney.com Research Team

The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.

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