Category: Miscellaneous

13 Apr 2024 10:18

Joined:	20/01/2017
Level:	Diamond
Points:	25422

Points:	5

Should we make the children aware about value of money since their early age?

In any family generally, the children are given full care by the parents and in some cases parents even pamper them. If children ask for some special food then parents get it from outside. Sometimes it is the junk food that children like and parents get it for them very well knowing that it might not be good for the health.
Everything costs money and parents spend money for all these indulgences. But children have no idea about the money from where it is coming and where it is being spent. They are taken as too young and tender to understand that.

Should not we make the children aware about the money matters since their early age? This will help them later when they themselves become an earning member. Moreover, this awareness will also inculcate a good habit of not demanding costly and unaffordable items. In my view it would be a good idea to educate the children about the money and avoid unnecessary expenses. What is your view on that?

#778371

13 Apr 2024 11:06

Joined:	25/11/2014
Level:	Diamond
Points:	43292

Points:	4

Yes, we should make our kids aware of the importance of money. They must be taught how judiciously they should spend their pocket - money. Tutoring them they should investigate the prices of each commodity available in the local market. A thorough research of the price of the different commodities can provide a fair idea that the commodity being the same as how the prices differ from place to place for the same commodity. Again they will learn the quality of the products and other factors such as negotiating - skiils in purchasing a product.
In that way, they could realise the value of money. This will make them proficient In handling the money more efficiently when they enter adulthood.

#778374

13 Apr 2024 12:11

Joined:	10/12/2016
Level:	Diamond
Points:	109183

Points:	5

I am also in favour of this and we should make our children aware of money and its value. With time also they will learn it but it will be too late by then. Children who do not know the value of money will treat the parents money as the most easily available entity and will simply waste it.
I remember during my student life I was always having problem of pocket money because my father could not afford that. Once in a blue moon I got some small amount from my mother but that was nothing as compared to my expectations.
One day my father told me that there was a way doing what I could get good amount of money and enjoy it. I became interested and he taught me how to make paper bags with old newspapers or magazines. Those were in much demand as that time polythene bags were not common. The paper bags fetched Rs 4 per 50 numbers. That Rs 4 is equivalent to about Rs 200 of today.
So, I learned it and every Sunday I started to earn. My father was happy and asked me to spend it whatever way I wanted. But I did not waste it and utilised it properly because I knew its value and efforts done to earn it.

Knowledge is power.

#778379

13 Apr 2024 14:13

Joined:	02/06/2009
Level:	Diamond
Points:	145594

Points:	4

We should. Once our children grow up and start earning, they will never hear your words and after marriage, they may go away also. So when they are dependent on us financially we should make them understand the importance of money. These days many employees who are earning handsome amounts do not understand the importance of money. They never think of savings. They get whatever their children ask for. I have seen many young people who are good earners spending very lavishly. After serving a company for 20 years or so also if we see their bank balance, we feel bad.
We all know it is easy to bend a plant but not a tree. So we should bend a plant and see that it will grow and become a tree in the way we want.

drrao
always confident

#778380

13 Apr 2024 14:55

Joined:	19/06/2011
Level:	Gold
Points:	87960

Points:	5

Yes, I am one who is of opinion that we should make the children aware about value of money since their early age?
We had done this in the case of our son.
We started making him aware of value of money, he need to spend money wisely and also start savings habit.( I had narrated about these in my contextual posts in many earlier occasions).
Even when our son was a small kid, we used to take him with us during our shopping and will ask him to watch the dealings. We used to give the money to him to hand over to the vendor or shopkeeper and get back the balance through him the reverse way. It became a strong habit that even when there is no balance he used to ask for balance from the vendor and we have to convince him that we paid the correct amount.

Then we started a piggy bank and instructed him to get one in from me and one coin from my wife everyday after we return from office. This he has to put in his piggy bank. Then once in a while we use to open the piggy bank in front f him, take his help to arrange and count the coins and then take some money to buy something for him and put back the residual again in piggy bank. Later on, we opened a minor account in his name in a bank, and periodically remitted the piggy bank savings in that account and showed hi how his money grew.

Thus our son automatically learned the value of hard earned money, how to spend money properly and wisely; not to splash, and the need to have a savings habit.

#778413

14 Apr 2024 13:05

Joined:	04/05/2009
Level:	Gold
Points:	31349

Points:	4

I used to take my brother's daughter to shops and when I give cash for the buying I asked her to handover the cash and collect balance. This makes her to move freely with outsiders as well made up her mind to have calculations and the familiarity with different coins and rupee notes.
In those days, when we were children our parents and other elders did not show the monitory difficulties faced by them (actually there was scarcity of rice etc., due to war etc.,) But nowadays many parents are of the opinion that the difficulties facing by the parents should be known to the children - this is not agreeable to me.

#778414

14 Apr 2024 13:42

Joined:	10/12/2016
Level:	Diamond
Points:	109183

Points:	5

In some families the atmosphere is very free and children are pampered much. Some children are getting good pocket money and spending it without knowing its value. Some parents feel pride in getting food orders through these children who are capable of doing it quickly on the mobile apps like Zomato or Swiggy or any other popular in their areas.
These children are so careless that they do not know how much to order and in majority of the cases waste the food as that is always spicy and hot.
When these children grow up and finally have their own jobs and get some salary then they suddenly realise how wrong were they about money and understanding about it and have to struggle a lot in taming their habits to better ones.
It is always better to inculcate good financial habits in the children since the early age so that they understand the value of money as early as possible.

Knowledge is power.

Should we make the children aware about value of money since their early age?

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