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  • Category: Miscellaneous

    Should children be kept informed of the expenses incurred on them?

    Often, when the elders bring them some gifts or a few essential items, the children ask about the price with curiosity and the elders usually respond by asking them what they have to do with the price. Children grow up hearing this and sometimes they fail to understand and appreciate the value of things. Nowadays, parents have to spend a lot in order to give a good lifestyle to children in which the education-related expenses are also included. Nowadays fees are much higher than before and so are the other expenses related to the children.

    In such a situation, is it not necessary that a child should understand how his parents are able to manage financially? I would like to know from our experienced members whether children should be included in the family finance management discussion or not.

    {Edited}
  • #728908
    I strongly believe that children should be made aware to understand that money does not grow on trees. They should be told this crucial thing in such a manner that they should not feel offended or hurt by those and at the same time get the message that we want to pass on to them. Many parents forget or ignore this important aspect and then their children demand money as a right. One simple way is to inspire and motivate them to take part in school fairs or some Meena bazar activity where they can sell some items prepared by them and when they earn a little money they understand its value. Even asking them to teach students of lower classes for a fee can bring that feeling in them. I know one of my friend who had sent his son to one of his friend's shop for one month to learn how to work in a shop. The boy resisted initially but when learned the work became more confident. So, there are some measures through which we can bring the respect and concern for the money in the minds of our children.
    Knowledge is power.

  • #728910
    Explanations about financial matters are a part of making children aware of life. These descriptions may include the sources of income in the family, how it spend, and so on. They need to understand the total income including the salary and other income received by the father and mother. The cost of housing, the cost of educating the children, the cost of special occasions, and the cost of dresses and gifts should all be explained to them in a way that convinces but does not hurt them.

    They need to be taught during their studies that this is the kind of life they have to live once. They can't live alone with only hearing so many moral lessons and life stories of great leaders. We must also bring to their subconscious the financial matters necessary for their lives.

    "Cheruthulli Peruvellam"
    small drops make a mighty ocean

  • #728911
    , Parents do everything to fulfil all desires and demands of their children. They do not mind cutting their expenses and don't purchase their required items for the sake of buying something for their children. Telling them the price of any item would not make them realise how costly the purchased item is. They would realise the importance of any item when they start earning money themselves and they purchase the same items in the market.
    My wife's uncle and aunt both lived in Delhi had died. They were alive their only son and his son's wife would spend money on shopping with open hands. Now after their death, both husband and wife talk to my wife after a day or two and they don't forget to tell my wife that they never realised what an item costs and how to save money. Now, they have removed their maid-servant to save extra expenses. Their parents have left a big house in Delhi and a good balance and son is earning more than Rs 30k salary in a medical firm besides it rent amount of two rooms which is about Rs 10k also comes. But now they realise how their parents gave them a comfortable life.

  • #728912
    Yes parents should apprise of their kids regarding the cost of each article being sold so that they would be aware of the market trend. However they should not remain in hurry to tell everything at their infant age. Let them grow naturally up to the age of fifteen and then you may start telling the prices of vegetables and other groceries. Such training would help them in understanding the price pattern of the essential commodities. Their quest for the other materials may develop later on with the progression of time. We have come across many kids who were in dark regarding the price of the materials until they join some organisations. Though they were able to manage their households effectively but this took some additional time to manage their expenses. Later their confidence level restored with their exposure to the market trend.

  • #728920
    Why should we tell our children about the expenses incurred on them. We are committed to spend for them. A clever child would respond "Dad, whatever you spend on me will be reimbursed when I grow and get employed." A funny child would respond, "Did I ask you to give birth to me. No. You have given birth to me. So your duty is to spend for me till I get employed and start earning."
    No life without Sun

  • #728924
    I feel we should not specifically tell them how much money we are spending for taking care of them. Once we start doing that the children will start comparing the expenditure for each of them. They discuss with their friends and try to compare the expenses with them as well. We should try to convey to them the importance of saving money and educate them about the problems we may face if we run out of money. But we should never quantify the amount. But once in a while if they ask the cost of an item or so, there is no harm in telling that.

    When we were young our father used to purchase clothes for all of us. We were trying to compare the cost of dresses of each of us, he used to say never compare the prices. He used to tell us whether we liked the dress or not. He never used to tell us the cost.

    drrao
    always confident

  • #728929
    Children should be told about the financial matters in a subtle manner so that they understand the value of money and its importance. Practically it is difficult to do that as children will not be able to understand and digest these sermons about not wasting money and understanding the source of it as from where it is coming. Still we can try to educate them about it time to time so that slowly they know about the importance of this entity known as money.
    Thoughts exchanged is knowledge gained.

  • #728949
    No doubt the children get the best attention and pamper from father and mother, but when it comes to the expenses they should know. Though the children are not going to pay for the expenses incurred, but their expense statement shown every month by the father would go a long way into their mind and that would enable them to go slow on other future expenses. Not that the children are shamed by this act, the reality should be known made to them. If the expenses are made known, they would have the idea as to how to earn in future and redeem the same to the father otherwise the nurture becomes waste.
    K Mohan @ Moga
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease


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