Let Your Child Grow up as a Sensible Money-maker and not a Spendthrift

The presence of debt relief options like debt settlement, debt consolidation, credit counseling etc have partially relieved the debtors of their debts. “Money does not grow on

trees”, we have heard this being said by our parents however, money gives people decision making powers, irrespective of age and the rightness of these decisions depends upon the child’s upbringing and wisdom about money that he/she collected since childhood. Education, motivation and empowerment play the leading roles to teach your child the art of making, saving and spending money wisely. The lessons in their life should occur according to their age and receptivity. Let us discuss the following helpful activities:

• As soon as your child learns to recognize and notice money in any form, introduce him to it and the things that it can buy. Discuss about money openly and ask your child to take part in it. As he grows up, let him know about the overall powers and responsibilities that come along money. Let him know that money is not for free and one needs to earn it through hard work, sincerity, dedication and domain knowledge.

• Giving your kids a money management exercise by providing them with some amount to handle individually, would empower them with the decision making skills related to money matters, making them more mature in the same. In contrary, children tend to take money for granted when they grow up, if are kept away from handling or managing it in the childhood. Moreover they would be unable to organize their spending, earning or saving in future. Thus make your child self-dependent about finance from the beginning. Your child will learn the lessons of savings automatically, when he/she would run out of the allocated pocket money. Thus he would know eventually the art of using a ‘piggy bank’ to save the cash for future enjoyment. Furthermore, parents should always observe the child and repeat the lessons and benefits of savings and wise investing on useful stuffs. Teach your child thoroughly about the meaning and the differences that exists between wants, needs and demands, as well as how and why to balance and control each of it.

• When your child is sensible enough to tackle their own monetary problems and is capable enough to save his pocket money, next tell him about the meaning of ‘debt and bankruptcy’ and their impending dangers if neglected. Let your kid know about the various misleading temptations of advertisements and consumerism that creates the situation of deficiencies and debts in future.

In the present financial fiasco where almost every developed nation is becoming a prey to the ever increasing hunger of debts and deficiencies, the sensible practice of teaching one’s child the value of money, is highly recommendable.