TEACH BUDGET TO YOUR CHILD
Make them amateur economists.
s parents, we see the role of talking to our children about some important issues and topics in our lives as mandatory, such as the importance of respect and love for elders, role of physical health and emotional well-being, but often forget another most important topic in this entire discussion. This topic for discussion is the importance and role of money and budgeting.
The concept of teaching budget is as important for the parents as talking about relationships, sex and other pivotal issues relating to an individual. As a psychological consultant, most parents tell me that they want to give the best financial condition to their children despite their hardships behind earning enough of money. But the question that lies here is if the child is able to see and understand the amount of hard work you are putting into getting that money.
Most often, children are seen throwing tantrums in public places and then complaining later that they wanted something that the parents did not buy for them. Most parents say that it is an embarrassing moment for them where they have to manage the behaviour of the child in public and also make the child understand about budget constants.
So, here are some of the easy tasks that parents can do to help children understand the importance of budget and money matters:
Do not pay for home chores: Not every work that your child does for you or anyone has to be rewarded in terms of money. A normal word of appreciation and thank you must suffice and not everything must be rewarded with cash. This helps them understand that they are supposed to do these works because they are a part of a family and it is their responsibility to help everyone in the household chores. Only in cases of special work that they do – like, cleaning the garden with the gardener, helping in washing the car, etc – could be rewarded with small amount of money.
Woman’s Era March (Second) 2018 ●
Give money to them to manage their own budget: Just when the family goes out for a tour or trip, give a fixed and equal amount of money to each of your children and tell him or her that anything he or she wishes to buy or spend has to be necessarily from that amount of money. You will see your child calculate, measure, request and bargain for the product he or she wishes to buy. You will also witness them leaving one product and moving to another thinking that they might get a better one. It is at this moment that your child will understand that you as parents also have some fixed amount of money and cannot spend it in all the things that they wish to buy.
Set the right amount and time for pocket money: The pocket money that the parents give to their children should be given in a fixed amount at a fixed time interval, and not on any random day. If you have started giving pocket money to your child at the beginning of each month, then make sure that you