M for Money
My daughters are very different from each other in every way. So it was not surprising when we asked them about how they want to use their pocket money or the money in their piggy banks.
My elder one likes to buy books, books, and more books. And if someone asks her about the gift she wants, she asks only for books. On, the other hand, younger one buys either chocolates or bags. She is crazy for bags in different size and shapes.
Right from the time when kids start asking for toys or gifts, we taught them to see price tags. And also sometimes used to tell them that a particular thing is expensive and that is a reason they cannot get it.
I am happy that they both understand a difference between needs and wants. I feel that money matters should be discussed at home and it should not be seen as something which they can learn later in life.
So, they have a habit now to see the price tags. When they were small they use to ask me if it is expensive or not? The good thing is they understand that if a thing is expensive, they cannot get it.
We have made a rule at our house. If you want something, you ought to earn it. It’s not that we ask them to go out and earn it. It means if they want anything else apart from the birthday gifts and the gifts they get on festivals and special occasions, there should be a valid reason for it. They should be able to justify it.
So, whenever they ask for something, I ask them questions like-
Why do you want it? and Do you think it’s useful? etc.
Today children are growing when everything is easily available and there is instant gratification. I know that times have changed. But there is nothing wrong in letting your child know that everything we like need not be bought immediately.
I am not saying start giving them too much information about money and finances when they are small. But make it simple and easy for them to understand otherwise it will be overwhelming for them.
Just the basics like saving money in their piggy banks and spending it properly is a good start. And can be a foundation for some good money habits for life.
I am writing about Parenting for A to Z challenge and sharing my thoughts as a mother of a teen and a tween. Sharing my personal experiences as a mom and hope to help other moms and also learn from them through this challenge. Read all posts here.
A for Affection
B for Believe
C for Confidence
D for Dance
E for Extracurricular
F for Food
G for Guilty
H for Hacks
I for Independent
J for Joint or Nuclear
K for Kindness
L for Looks