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
April 15, 2017 at 12:40 pm
Showing kids the value of money is never a bad thing. There are many ways to do it. For my kids we gave them $5 each weekend. They could do what they liked with it no justification – was theirs to spend, but if they bought something and regretted it they had to live with their regret. It taught them to be very discerning.
Suzy at Someday Somewhere – Music is
April 15, 2017 at 3:17 pm
Thanks Suzy for reading 🙂
April 15, 2017 at 2:12 pm
I love the way you’re bringing up your daughters, Deepa. Children should know the difference between needs and wants and the value of money. Loving your posts and theme.
April 15, 2017 at 3:17 pm
Thanks a lot Mayuri for the kind words 🙂
April 15, 2017 at 4:43 pm
“Expensive” and “not needed” are too things that kids should learn as early as possible. And I liked the point of earning it. That will help them a lot when they grow up. Great post!
April 15, 2017 at 6:40 pm
Thanks Deepali..Glad you liked it 🙂
April 15, 2017 at 9:46 pm
This is one piece of parenting I know I need to turn more attention to. One of the things I love about Kumon is they also have a play money system where the kids save up for little prizes, which helps them understand the value of money. That said, I haven’t started with allowances yet and I think it’s something we should be starting soon. Thanks for the reminder!
April 15, 2017 at 10:05 pm
Thanks a lot Louise for stopping by and reading my posts. 🙂
April 16, 2017 at 1:19 am
My pleasure! I like what you are doing for the A to Z theme.
April 16, 2017 at 12:35 am
You are doing a great job with your daughters Deepa, its always good to make them aware and let kids know money is never easy and they should respect it.
April 16, 2017 at 9:44 am
Thanks Tina 🙂
April 16, 2017 at 8:13 am
Letting the kids learn the value of money from early on is an important life lesson. It’s important for them to know about saving and spending and also what’s needed and what’s not!
April 16, 2017 at 9:47 am
April 16, 2017 at 11:45 am
It’s a very valid post, Deepa. Even a first standard kid has got an Iphone and Ipad now. Why? I love everything you mentioned here, more so about how the kid should earn it to appreciate it!
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April 16, 2017 at 12:49 pm
Thanks Shalini ..glad you liked it 🙂
April 16, 2017 at 2:59 pm
This is one area I need to work upon. I keep stressing the difference between needs and wants. The two of mine are very different too. One of them is a saver and wants to keep everything saved up, the other one is a spender and wants instant gratification – their habits are so very different. I need to teach them to find a mid-path.
April 16, 2017 at 4:59 pm
Thanks for reading 🙂
April 16, 2017 at 4:46 pm
I too make my child early what he wants dear. Everyday I give him star for the good things he does. Every star is equal to one rupee. At the end of the month he can buy something for the amount he has earned or save it to add more to it the next month. I will add a few more points based on your post above.
April 16, 2017 at 5:00 pm
This is a great idea..Thanks Roma 🙂
April 16, 2017 at 7:43 pm
I had many ways to show the value of money to my children. One was to give them a small amount of money when we went to a tag sale. They could buy anything they wanted. They soon learned to make priorities and decide what was important.
Another way is if they wanted an expensive item. Like you, we made them earn the money, but we would pay for half. They worked hard if they really wanted it, and we rewarded the hard work by helping them pay for it.
I believe you are making the right decisions as a mother!
April 17, 2017 at 12:16 am
Thanks a lot Cheryl for reading and sharing your views. 🙂
April 16, 2017 at 10:32 pm
Valueing money starts from home,No where else will they be taught the truth about money .great tips Deepa.you have a very simp;le and clear parentring style.
April 17, 2017 at 12:17 am
Thank you Amrita 🙂
April 18, 2017 at 11:07 am
Well said! It is extremely important that kids know the importance of money since the beginning. I have seen kids saying “Mumma, it’s only 1000 bucks!” They should know what a thousand bucks mean.
April 18, 2017 at 11:57 am
Thanks Anmol for reading