Teach Them young

Cash in on the time.

-  Mala Ashok

TALKING ABOUT MONEY SHOULD BE A POSITIVE EXPERIENCE. NEVER COMPLAIN THAT YOU DON’T HAVE ENOUGH MONEY.

You have heard the expression, “Catch Them Young” with respect to children and how to inculcate various habits in them early. Well perhaps the most important lesson you need to teach your children when they are young is about money and how to manage their finances when they are adults.

It may surprise you to learn that children are capable of learning the value of a rupee as early as the age of three. Thus, it is important for parents to introduce a healthy respect for money right then.

Talking about money should be a positive experience.

Never complain that you don’t have enough money and never seem to have enough with the hope that this will help them appreciate money more.

Negativity is not a healthy approach for anything, least all for lessons about money. If children see you have large credit card balances and then complain about the mammoth interest charges you have incurred they will think it is okay to do so themselves in later years.

Instead, talk openly and positively about money and how it helps the family buy anything from provisions to toys and pays for fun holidays. At the same time stress the importance of saving too.