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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