SACHI SHIKSHA MONEY MANAGEMENT FOR CHILDREN :
In the previous generations kids used to get financial lessons with the game “VYAAPAAR”. But in the new age, the real lessons of saving and expenditure are necessary. Go back to four decades before, earning was very less and so were the expenses. A rupee had its value. There were limited demands from the parents.
With two or three dresses the whole year would pass. Simple living and high thinking was the moto of the parents and the kids also tried to follow that. No outing, no hill stations; in the vacations children used to go to grandparents’ home and all the children assembled there used to enjoy. I remember that there were no chocolates, twice a month sweet dish was prepared at home. So there was no question of dental or other related problems.
Life was so simple and easy that there was no space for wasting money. If the saving was less, no worries, expenditure was also limited. But with the passage of time we have become money minded. When importance of money has increased, related plans for saving and spending have come in our minds and we have started working on it.
Generally the parents complain that their children have no respect for money. They never have the feeling that how money is earned. The fault not lies with the children only. After getting matured, if you give them the direct money or debit credit card, how can they know the way of spending? So it is necessary from the early age to make them introduced with money, incurring expenses, saving, banking etc.
YOUR CHILD IS SMART:
Today comparatively the children are more intelligent. Accordingly the finance related knowledge should also be inculcated from the age of 7-8 years. For this regular saving in the piggy bank should be started. Moreover what is bank? Information regarding the benefits of bank account should given. Try to give them the tips on negotiation and analyzing the right price.
REGULAR SAVING SHOULD BE THE HABIT:
Take the children with you and get opened their account in the bank or the post office. Get the form filled by themselves. Ask them to affix the photograph and sign the form. By passing through these activities in early age will fill them with courage and self confidence. Try to cultivate the habit of regular process of the bank account.
Ask the kid to save the money monthly and deposit in the bank. Tell him about the interest added on the amount. So when the amount will increase, he/she will feel happy and he will understand the importance of the small saving.
TEACH THEM HOW TO SPEND:
When in three to four months, a handsome amount is deposited, make him understand the importance of money. When go out for dinner and lunch, ask the kid to make the payment. Also encourage the kid to purchase the gift for the birthday of the sister and brother. When he will spend his hard saved money, he will understand that how much time it takes to save. This will motivate him to spend his saving rightly and get the full value of his money.
Sometimes, despite no necessity, children demand for new school bag, bottle and pencil. With this their demands will be lessened. There are other benefits also. Your child will always think of saving before spending. Instead of thinking of buying anything, when have the money, he will search for comparatively qualitative but cheaper options.
After understanding the importance of saving, in future also he will not go for wasting money and run after bad habits.
SAVE MONEY FULFIL YOUR DREAMS:
Central Board of Secondary Education in collaboration with Indian Bank Association has started a plan with tagline “School Bank Champs”. Under this the banks accounts of 9th and 10th class are opened with nearest bank branch to school. If the children wish, they themselves come and open the account. Bank officials also visit monthly to schools and collect the savings of the children and get it deposited in the bank.
In addition to this the banking language, types of accounts, net banking information is also given to them. If bank account of your child has not been opened in the school, talk to the teachers.
MONEY MANTRA ON MOBILE:
Children are always surrounded with gadgets. So it is better to make them understand through apps. Bankaru (BANKAROO), Slankit (Slonkit), P2K Money, Renegade Buggles, ATM Simulator kids money, are some of the free apps in play store. Through this you can give information and tell the ways of saving. Parents can also have an eye on the expenses incurred by their kids.
Though money is not the God, but it is also true that the flowers we offer to God are also purchased with money. More to saving and teaching the kid, the right way of spending. Strictly direct and guide your children not to over spend. Never go for taking loans. Always try to manage from your budget.
Ask the kids to remain and shape themselves according to the bed cover, not beyond that. You will always see that the persons and their children who plan according to the budget remain peaceful and have happiness on their face.
The persons who always go on for loans and loans, always live in anxiety, anger and depression. This is spread in the whole family. So question of sleeping peacefully does not arise. When you have burden of repayment of the loan, you try to go for wrong steps and this at the end becomes the reason for the downfall of the home.
Try to be in limits and teach the same to your children. At the end of the day, always try to be saved with 25 paise out of the rupee. This twenty five paisa will not be saved, it will be multiplied. Start working on it. You will be surprised to see the amount and so your kid will also be. – Diksha