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Teach Your Child to Manage Money! #Experiences

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Parenting is the tough nut to crack and it needs a lot of patience and perseverance to tackle the kids and guide him on right track.
 
 
The unconditional love for our children makes us do the impossible things and Mom is always ready with, “I’M POSSIBLE”knocking impossibilities down.
 
 
Mine journey wasn’t easy. My patience and experiences of my life helped me to fare out well managing both my kids…in spite of heavy turmoil inside, I am able to be cool outside & I don’t have the habit of cribbing rather I abhor cribbers.
 
 
Many people believe that in initial years, the children should be given immense freedom and after a certain age, start curbing them. I am against this practice.
 
 
You have to do the groundwork in initial years and inculcate good values and show them the differences between right & wrong.
 
 
We all learn from trial and error and parents are there to identify and rectify their errors.
 
 
Children are innocent at heart but smart too and catch things easily and if they are left to leave on their own terms, then they will have great difficulty in later life and to keep them disciplined will be challenging.
 
 
Train them with good habits from the initial days of their childhood.
 
 
Managing money is not an easy task and the children should be educated on how to manage efficiently.
 
 
How I Taught My Kids, “Value of Money
 
I am sharing my very own experiences with my two kids. My hubby was lenient towards children and rarely does he lose temper. He believed in pleasing them by fulfilling their demands. I was against this and made him understand that he is pampering them and we will have a tough time to handle them in the future. Initially, he did not pay much heed to it but my constant effort changed his thought and he decided to back out.
 
 
I took the reins in my hand and implemented few rules to follow to Teach them the VALUE OF MONEY.
 
 
We say, MONEY IS NOT EVERYTHING but we all know HOW IMPORTANT MONEY IS.
 
  • Never fulfill all demands: The first & foremost rule is, never fulfill all demands of children else they will not understand its value and how tough is to earn a good sum. Simultaneously, they will learn the
    PRIORITIES OF LIFE and how to prioritize. Secondly, they will develop patience to deal odds of life.
 
My Experience: I was brought up in joint family where my Mum didn’t had the power to  tame me and my all demands were fulfilled.  
 
 
Consequences: Till today if my demands are turned down, I am hurt at
heart. I don’t put up my genuine demands fearing it might not be attended.
 
 
  • Buy Essential things: I see around that the people who are affluent and have several sources of income, they gift such toys and appliances to children which aren’t essential, rather it’s superfluous.
    You as a parent are spoiling them. Buy the things which are best for him as per his age and requirements. They will learn the VALUE OF MONEY AND THINGS.
 
  • Pocket Money: Fix a specific sum of pocket money for the children. Initially, fix a sum for a week and later on spread it for a fortnight & month. Ask them to spend on their toys, stationery, snacks and
    refreshments.
 
My Experience: When my elder son was in KG and the younger one in a nursery, I fixed a certain amount for a week to spend on ice creams, cold drinks, and snacks. I was amazed to find them saving from that meager amount. With that little amount, even we both got a treat from our children, such was the power of money management of those kids.  I pinpointed to my hubby who used to readily give in to their demands to watch how smart they are in spending their own pocket money. This habit inculcated in them habits of SAVING & VALUE OF PENNY.
 
  • NEVER DISCLOSE FAMILY INCOME: If you are on the affluent side, never disclose income to your children. At a tender age, they
    won’t understand the sweat behind the flowing income but will be ready to spend extravagantly. Parents too have to check their expense style. If you are extravagant in spending then you can’t ask your ward to be thrifty.
 
  • REWARD THEM: by buying gifts for them on special occasions and when they do well in studies or maintain discipline during vacations etc. Appreciate them & reward them by giving money to buy the
    things they love to buy or the parents can gift them that their children love to have in their possession.  Even you can gift them a pot of flowers and make them responsible for watering and taking care. This way VALUE OF CARE will be instilled in your child. These small acts will motivate them to do better and get surprise gifts.
 
I shared my experiences of parenting and what I learned from my life experiences.
 
My children are quite spendthrift and they know the VALUE OF MONEY IN LIFE.
 
Share your experiences.
 
 
 
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14 thoughts on “Teach Your Child to Manage Money! #Experiences”

  1. I like the option of rewarding the best. This way they learn to care also.

  2. 'Never disclose the family income' valuable suggestion.. its true at young age they dont realise the hard work behind that money flow…

    1. Ila Varma says:

      Thanks for sharing n stopping by.

  3. anupriya says:

    The last point on never disclosing the family income is a very relevant point. Till date I do not have any idea on how much my father earns exactly. What mattered to me was that when my essential needs arose, they were evaluated and fulfilled by my parents.
    And yes I lived in a nuclear family, but my kids live in a joint family and I understand your mother's problem. I do not know how I will be able to tame my own kids 🙂

    1. Ila Varma says:

      Thanks Anupriya. There are pros n cons of joint family, the merits outweigh the demerits. Its good that they are getting care of loved ones. These days kids are smart, make them understand things.

  4. Dipika says:

    Amazing collaboration of valuable inputs here, my favorite is never fulfill all the demands and never disclose the family income to kids. Points well taken Thanks for sharing.

  5. Minakshi says:

    Never disclose family and never fulfill all the demands are 2 very important aspects. Glad that i stumbled upon it. Nice post indeed.

    1. Ila Varma says:

      Thanks Minakshi for stopping by. Do visit often.

      https://thoughtsuncoveredblog.wordpress.com/

  6. Deepa says:

    Wow Ila..I loved this post. How nicely you have mentioned the remedies too. The last point is very important and we never think.about it. Thanks for linking up with #MMM 🙂

  7. Absolutely spell bound by your clarity about money .I too don't believe in telling children how much we earn and rewarding the for good results .Wonderful post .Thank you for writing with us for #MondayMommyMoments

  8. Very nice post mam. Children should learn about the management of money as it’s definitely going to benefit them in future. Fixed pocket money is a great idea, through this, they will learn about spending money on essential stuff in a fixed budget.

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