Thursday, 3 October 2013

Teaching your kids the value of money-Lawrence High School

Most children (from middle-class families and upwards) these days get whatever they desire in terms of materialistic goods. Even before the demand is placed, parents rush in fulfill their fancies. Given such circumstances, it is difficult to expect children to respect money and use it thriftily.

However, as parents, we need to inculcate this important trait in our children as early in life as possible. It is possible to teach this value by incorporating a few changes in the lifestyle and implementing certain rules early on.

Do not give in to every demand: just because you can afford it, or because you are unable to handle the tantrums, do not buy anything off the shelves. The child must learn to accept a ‘no’ gracefully and eventually understand the reason behind the denial.

Attach value to everything at home: An item may not be expensive in terms of sheer money value; however its worth could be priceless because of the sentiments behind it. Help your children understand this emotion. This will help them value their belongings irrespective of its cost.

Money does not come easily: it is natural for children to assume that parents can and will do whatever it takes to see them comfortable. It is therefore necessary to teach children early on that money is hard earned and one cannot and should not blow it away recklessly. As a way of play or conversation, let your kids know that everything comes with a price tag and every penny is hard earned and does not deserve to be squandered away. 

Save away: a piggy bank is a great gift and a perfect way to teach children to save money. Age- appropriate pocket money can be given to the kids to encourage the art of saving. This will also serves as an incentive wherein they can reward themselves with a coveted item after they have saved enough money. 

Practice what you preach: children are a mirror-image of the parents. Since they learn by observation, it is a good idea to practice what you preach. A certain level of austerity will help children to remain grounded.

Lawrence High School, located at HSR layout, Bangalore, focuses on educating children with traditional values to adapt and excel in the world. To know more about Lawrence school, please visit the website and join us at our Facebook page 

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