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Children should be taught the value of hard work, money, and savings from an early age. Rohini shares how she taught her child to save and buy her toys with her money. An exclusive for Different Truths.
I often come across parents who don’t hesitate in fulfilling every wish of their child. I have also seen parents who find it difficult in managing their kids when they become stubborn and keep demanding one toy after another. Are the parents missing something? Or the kids are to be blamed?
My personal opinion is that we parents should start imbibing the habit of saving money, for children, from a small age. Tell them the value of money. The hardships that their parents take to earn should be taught to them from the very beginning. There is no harm in it.
When my daughter was four years old, one day in the market she started to demand a doll worth Rs. 1500. I tried to explain to her that we shall buy it later on, but she started to scream.
When my daughter was four years old, one day in the market she started to demand a doll worth Rs. 1500. I tried to explain to her that we shall buy it later on, but she started to scream. I was forced to buy that doll for her because I thought if I also shout, she might throw tantrums, possibly a meltdown too. I then decided to start teaching her monetary values.
I first gave her a piggy bank and told her that anyone from the family who gives her money, she should immediately put it in the piggy bank. She asked me why should she do so. I replied, “Dear this is called savings. It means that you are saving money and when one day your piggy bank is full, we shall take out all the money and get something nice for you.”
She asked, “What is savings Mama? And you and Papa buy toys for me, then why should I worry?”
I replied, “Papa goes to the office every day and comes back late. He is working hard to earn money. Then he saves all the money in the bank. So, this is your bank where you save the money that you get. But remember, every time you want a toy, we will open your bank and take out money from it.”
I always took her for buying vegetables, groceries, she would see me also looking at the price tag and ask me why I did so. I then explained to her that I was comparing prices.
She nodded her head in affirmation. Then started her journey of savings. I not only
did this, I always took her for buying vegetables, groceries, but she would also see me looking at the price tag and ask me why I did so. I then explained to her that I was comparing prices.
I always tell her the price of every product. Which is costly and which is cheap. As she grew and started learning ‘greater and smaller’ in the school, she could connect to what I had explained about costly and cheap things. I always take her to banks, ATMs, she sees and asks me questions and I answer her everything about money and savings.
The day her piggy bank was full, I asked her if she wanted to buy something. She immediately demanded a doll. So, we took out all the money and I kept a portion aside that was meant to buy the doll with. She asked, “Why have you kept this money aside?” I said, “Because with this we shall buy your doll.” “But then I will have less money,” she seemed worried. I replied, “No problem dear, your piggy bank shall be full again.” That day she was very happy to buy her doll with all her savings.
We had piggy banks when we were kids, so why not give one to our kids.
We had piggy banks when we were kids, so why not give one to our kids. Kids of today have a very active mind that understands and works on logic. So instead of shouting and screaming at them, if we try to explain to them the value of money, slowly and steadily they shall understand and we shall raise a responsible human.
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