TEACH BUD­GET TO YOUR CHILD

Make them am­a­teur econ­o­mists.

Woman's Era - - Short Story - By Un­mana Dutta

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

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