Teaching is always a difficult job. If people want to learn, you can take the trouble to help them learn!

So whether it is telling your children the ‘benefits’ of eating vegetables or repeating the Mathematical Tables everyday or going to bed early, or reading vs watching TV debates – all are a little tough. However teaching money is not so difficult. This is because kids themselves want to learn money!

So if your kid is gone past the age of 3-4 you can ask him/ her to play with coins. Arranging them from big to small, shining to not so shining, according to shapes (ha for that one paisa, 2 paise, 3 paise and 5 paise coins of different shapes!) .

As they get a little older like say they reach class 3 or 4 they could run errands like buying bread, butter..at the nearby grocery. They need to know how much money to give, how much to get back – the basic addition and subtraction are honed here. I have been allowing my daughter to decide how much she wants to spend on her dresses, on crackers for diwali, etc. This allows them to decide to buy 2 dresses for Rs. 2800 and crackers worth Rs. 200 on a budget of Rs. 3000!

As they get older involve them in family goals – and explain that a new TV vs an extra coaching class is a discussion worth having. Let them not feel that the ATM is a self funding machine. Many kids think that if you want money. you go to the ATM.

Explain to them that all things have a value and a price. And the value of your slog at the office is called cash! When they come to class 8 it is time to talk about funding their college education, power of compounding, equity, debt, rent, pay yourself first….and hey this is a good time to get your kid on to www.subramoney.com !!

See the Children and Money page…..

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  1. Apt. Some generations ago, I’d say when I was a kid, running errands at some age was given. Not sure if it is the same now as have hardly seen kids doing it now a days. Also considering RBI is speaking of allowing kids as young as 10+ year olds to operate bank accounts, the earlier they understand , the better. Will this move by RBI usher in something quite different? Time would tell or time to look at other such examples worldover.

  2. Sir,
    It is good you suggested some ideas, with probably your children in mind,but, most of the children of today are so aggressive and crazy and tempted by ads in social media, just fight for getting things done in a manner worser than the cinema villains’ fight.
    They are mature enough to demand anything and everything and not ready to accept the fact that the money is hard earned.
    I agree that I say this, having in mind the children closely related to me.
    Thanks

  3. @Savithri,

    Kids are tempted about ads and all.. When I hear this from many of my friends.. I ask them one question “You have been to one of mall and you kids crying an yelling to buy a toy worth of 1 Lac” what will be your reply?
    And the reply is “We will make him understand not to buy”.

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