Parenting

Teaching our children the Value of Money

DrSonali Bassi
3 to 7 years

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Teaching our children the Value of Money

When my son was about 31/2 years old I distinctly remember a very interesting conversation we had and I must share it with you. On most of our trips to the mall or market it was a punishment for us because he used to put his hand over a toy and we would buy it for him. We loved the smile and happiness that this unnecessary and expensive buy brought on your childs face but gradually we begin to realize that slowly it was burning a big hole in our pocket.


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naren

| Jun 18, 2014

Nice effort made. ..

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Madhuri Garg

| May 22, 2014

Thanks for a wonderful suggenstion. I will make sure that even i teach the value for money to my daughter who is 6 yrs.

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Anandana N

| Dec 02, 2013

This is absolutely true. Even my 3 year old boy never threw tantrums for toys. I have always told him its difficult to earn so much money. He is 3. 5years now and he tells me the same thing when i go vegetable shopping. We really do not want to understand how much our kids can understand. We have to make an effort to know where they stand.

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Kiran

| Nov 11, 2013

thanks for the nice lesson u taught , hope this also helps other parents to teach their children.. Really useful!!!

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Vani

| Sep 19, 2013

very nice article .. my daughter is going to b 3 in November n i guess now is the time i should start instilling these values in her :) thanx for sharing

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Teena Gulati

| Sep 06, 2013

very true.... i think it should be the duty of parents to teach this lesson irrespective of how well of one is!

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Teena Gulati

| Sep 06, 2013

very true.... i think it should be the duty of parents to teach this lesson irrespective of how well of one is!

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samir marghade

| Sep 05, 2013

hari,i have come across the concept of toy library in mumbai. it is a very good concept. every child has the interest in a toy for not more than 2 day or so. after few days he looses his interest in the toy. he needs a new toy to play. going with this it would be difficult for parents to fulfil his wishes. the child also if his wish is not fulfilled will look else where to fulfill his dream!at times it could be disastrous.

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AM

| Jul 17, 2013

I hv seen such case with my sisters sons... n my jiju buy whtever they demand... or ask to bring. now they both hv grown up and they dont hv value for money. Before my marriage I experienced all these. Whn my son born... since bigning.. we dont put him in dis habbit... i dont buy whnever my son ask me to buy... i just say this belong to uncle... we hvnt bought so we cant tk this... or just ask shopkeeper... uncle u wont give us na... n he replies NO. my son (now 3. 5yrs) understands. I agree 2-3cases out of 10.

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DrSonali Bassi

| Jul 17, 2013

Hari you are not doing anything wrong ,ultimately our children are going to be in this big wide world where they are going to be exposed to all these temptations. We as parents need to instill in them the correct values and hope they work for our little ones. I actually made my son contribute to his birthday party last year because he wanted to have one. I feel he is young for a 6 year old but surprisingly all this makes him more responsible and his demands have definitely come down. T

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DrSonali Bassi

| Jul 17, 2013

Hari you are not doing anything wrong ,ultimately our children are going to be in this big wide world where they are going to be exposed to all these temptations. We as parents need to instill in them the correct values and hope they work for our little ones. I actually made my son contribute to his birthday party last year because he wanted to have one. I feel he is young for a 6 year old but surprisingly all this makes him more responsible and his demands have definitely come down.

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Shilpa Bhatla

| Jul 09, 2013

a good read... tho luckily my child understands the value of money a good point to take home is to make them donate a toy everytime they buy a new one.

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Hari Goud

| Jun 20, 2013

Probably one more point will help you analyze " He has bought his study table with the money from his Kiddy bank and now it is almost full and he want to buy a bean bag this time.

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Hari Goud

| Jun 20, 2013

Probably one more point will help you analyze " He has bought his study table with the money from his Kiddy bank and now it is almost full and he want to buy a bean bag this time.

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Hari Goud

| Jun 20, 2013

May be I'm late to react but I totally agree with Dr. Bassi since mine also is the same kind of story. My son almost have a toy shop at home. Now when we have explained the value of money he calculates each and every purchase he makes. He even asked me how one can earn more money. I found it hard to answer this since there are numerous ways to earn money and I was afraid which way would attract him, so I told the best way to earn money is by studying well. I'm not sure I was right but I could see the difference in him. The other day when we were watching Discovery Turbo there was a program showing the features of Lamborghini Gallardo. He asked me how much does it cost I replied 3 crores. He said I'll study well and buy that when I grow up. I'm confused a bit is it the right thing to do? Because somewhere in my heart I felt I'm infusing the greed for money in to his mind. Kindly advise.

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Nirav Patel

| May 30, 2013

I totally agree with this post and I do practice the same with my 7 year old son. In addition to earn and spend money, we have implemented the process for writing account of his own money. All of the credits (earning by my and my wife's vehicle cleaning, in cash gifts from elders, etc. ) and all debits (spending on his toys, gifts to the friends and family members, etc. ) in to one account book and keep track of all the money.

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Ishta

| May 25, 2013

a vry interesting n educative article with vry simple bt effective steps. m surely going to use them with my kids.

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amruta

| May 16, 2013

Thank you for such wonderful lesson. I ll definately tech this to m son.

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mansi

| Jan 23, 2013

i like the lesson to teach our children the difference b/w want and need.

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Namrata

| Jan 22, 2013

How true... my son has also been taught the same thing and he actually turns away toysellers saying he does not need it... he is never over indulged....

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Neena

| Jan 18, 2013

Rightly said Dr. Bassi, that in so many matters,including this, we underestimate our children's ability to understand an issue. Making themn understand the diff. between a Need and a Want - makes it quite simple to drive home the actual point. We have also indulged our only child over the years, however in the recent years, we have been explaining to him that the value of money and how hard earned money should be spent wisely. In fact he once mentioned that at 18 he would want a particular gadget, and we told him that he would be able to buy it with his own money since he would be doing a summer job or something during that time.

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Sankdip Das

| Jan 15, 2013

A famous blog 'Jago Investor' has very good article for money saving habit of children. Even RBI has started some comic strips.

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