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Do you love your child so much that you make sure he or she gets everything he wishes for? Do you work hard to provide your child all that he fancies? If you are providing your child with things he does not realise the worth of then you there is a problem. You have to ingrain the value of money from the very beginning so that your child understands the value of money and how hard one has to work to earn things in life. Teaching your child about the value of money not only makes him sensitive towards spending it but also a better human being. Here’s how you can teach your child to use money and appreciate it.
Rewarding for work
Work on a reward system. If your child wants an expensive game or doll she might have to earn it. You can trade the goody with good grades, less television and computer and good behaviour. You can different parameters and let the child fulfil those parameters to earn what he or she wants. This will put them in a habit of understanding that all that you are buying does not come for free.
Take your child to your workplace
Let your child see your workplace and show him how hard you work throughout the week to take them out, buy them good stuff and pay for education. A child must understand the value of investment you are making in their education which in turn will make them treat their education and career with respect and dedication.
Give them a budget
When you give them pocket money ask them to create a budget and not blow up the whole amount to only be broke before time. Teach them to assign their money to various things. Avoid buying or spending on frivolous things. Tell them to spend wisely and savings will occur on their own. Help them make this budget. Get them a piggy bank too.
Teach them to save
You can teach them to save by using things correctly. Buying things on impulse can be one of the most dangerous habit that leads to leakage of money. Tell them how they can use and re-use things. We are in a time where we like to dispose old things fast and buy new ones. Teaching your child about how he can save by using things correctly, taking care of them and buy a new one only when you cannot use it any further. E.g. If your child has a good school bag, he or she may not change it every year. A good bag in a good condition can be used year on year. You may help him or her re-invent by doing a bit of art work, pasting labels, stickers or doing something fancy that makes it look nice and even adds to its antiquity.
Teach them to set up a business
Let them earn some money by doing a summer job. If they are younger let them have a garage sale or run errands for extra pocket money. This will make them confident and also give them a taste of earning money. However let them do this only under your strict monitoring.
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