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  • Category: Miscellaneous

    Infuse savings habit when children are 12 years old

    Many of the country's youngsters do not believe in saving much for the future. They make Swiggy and similar operators very rich. If they eat at home by preparing the basic dishes, the cost will be a fraction of what it costs to buy expensive food online.

    That is not all. They pamper their very small children when they are young. This leads to serious problems when children grow up. Most of such children do not know how to adjust to changed realities. Those who just less than thirty ought to understand that when they are 45, their employees might as well dump them and recruit fresher's in various fields.

    Parents have a vital role in making children understand the value of savings when the child is just 12 years old. If they start understanding the value of money, there is every possibility that they will save a lot more when they become older. So, let us do this vital task of educating children on all aspects of long-term saving, when they are just 12 yrs old. We need to urgently do this to enable our children see a lot more reason in saving good amounts for the long term.
  • #686934
    Nice post from the author for advising the children of creating a saving habit in them at a young age. Normally children are given with lots of money whenever the relatives and friends meet them to exchange pleasantries and during festivals, the children get lots of money as their pocket expenses. And each child should have been provided with a piggy bank money saving hundi so that the child would save the money for the future. If the child is not given the importance of saving in future, it is the mistake of the parents who never taught them about the savings. If children save the money for the future at a young age, the same habit shall continue in their life for the future too and that would curtail their spending thrift in the long run. So I am strongly supporting the author views that the saving must be done by every child.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #686935
    The savings habits in children as well as adults have undergone phenomenal changes in the last decades. There are many reasons for that and one of the prominent one is availability of material and facilities now is thousand times more than what it used to be a few decades ago. The purchasing power of many people have also increased considerably. Earlier, I remember, we used to purchase a wrist watch which remained with us for years and years with intermittent repairs. Today, no one uses a watch for more than 1-2 years. People are changing their mobile phones in 1-2 years only. So, there is a flood of utility items in the market and in our kitchen we have different cutters to cut different vegetable or food items. More innovation is on the anvil and as soon as a new product comes we feel that it is more useful and simply discard the old one.

    I agree that we should inculcate the savings attribute in the children from day one so that they may be comfortable in their future life but at the same time if all the people become too much savings minded then what will happen to the industries? Already there is a depressive phase going on.

    Knowledge is power.

  • #686941
    Sir, the retail revolution will continue to happen in India. Soaps and detergents for example, have no recession at all.

    The most important point is that this Gen Y needs to reduce spending on luxuries. Swiggy should not occupy their budget on six days in a week. This is dangerous. They should learn to save more.

  • #686947
    I agree 100% with the author. The parents should make their children understand the importance of savings. Even we need not hesitate to be a little harsh on them to make them understand the importance of savings. I told in this forum many times about this. My father used to tell me that if we have one rupee in our hand we should spend 90 paise maximum and save a minimum of 10 paise. But we should never spend 101 paise. His teachings made me understand the importance of savings.

    These days we are not teaching the importance of savings to our children. We are just keeping mum when they are spending unnecessarily also. It is never advisable. Tomorrow if any crisis comes they can't withstand that pressure. When we are earning some money we never understand the importance but the moment there are no earnings and we have the necessity we will understand the importance.

    drrao
    always confident

  • #686978
    Very good post for parents and children to inspire them about saving. Saving does not only stands in terms of money but in every aspect like electricity, water, etc. for the future. It is very true that parents are the first model or teacher for their children and they try to learn or copy their parents in every way, be it teaching, attitude, respect, bonding, sharing and even saving. We can try to engage children in small daily buying decisions as it is a good way to make them understand the value of money and the saving that can be done through proper review and buying what is needed. Introduce the piggy bank or other means which will help them to save the little they can to reach a target and buy stuff that they liked for a long time. This will help them to pursue their goal and achieve them by regular saving.
    Varghese
    Limit your "alway's" and your "never's." - Amy Poehler??

  • #686983
    Recently only such habit in children got vanished. Encouragement and induction of savings in children also got vanished.
    In early period there was introduction of savings by Andhra Bank through providing a pig toy model hundi to children.
    During the life of Mr.Sanjay Gandhi a scheme namely,'sanjaika' was introduced to school children.
    Scheme of savings were emphasised in school children when late Mr.M.G.Ramachandran (former Chief Minister of Tamilnadu) was as Minister of Small Savings Department.

  • #687056
    The children these days are getting things in abundance and that's why do not understand their values properly. The working parents give the children whatever they want and this habit has turned them crazy. They do not understand the value of things, leave alone money. The parents must make the child understand which commodities are necessary and which are just wastage of money. If they can make the children understand the difference the children will not think of spending on unnecessary items which in turn will let them understand the value of money and the importance of saving. Saving is essential for our future and parents must play an active role to inculcate this habit among children. There are many parents who often spend carelessly which in turn make their children spendthrift. Habits form during the early days and the sooner the children understand the importance of savings, the better.
    Sankalan

    "Life is easier when you enjoy what you do"


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