Money: Teach your Kids about it


We as parents are the role model of our children, we all know that and we are constantly teaching them and helping them find their right path.

But what about the basic money matters? Money related awareness and education is very important and should be provided from secondary school itself.

Small and practical doses of money matters should be given throughout the school and college life.

Here are some of the ways we can teach our kids to be Money-Wise
  • Banking Basics: Teach them about bank accounts, deposit & withdrawal. Also make them aware of the operations and security features of banking. With Summer Vacations just round the corner (try and take your kid to the bank and ask him/her to fill the form for depositing cheque/money) if you have still not opened his/her bank account help him filing up an account opening form and get his account opened.

  • Financial Discipline: It is very important to teach our kids that that there isn't unlimited flow of money, hence they need to think before spending. There is a need to instill a discipline in them when it comes to their allowances. It can easily be done by spreading pocket money initially weekly then slowly and steadily spreading it fortnightly and then monthly. You also need to teach them about emegency situations and to save for that, teaching them "Time & Tide Wait for None".

  • Budgeting: We all make budgets about our monthly expenses (you can read my article about budgeting here), involve them (kids) too, ask them their opinion this is the practical which will help them get disciplined and plan their own budget in future and utilize their money in a judicious manner.
Early teachings yield great results. It is essential so that your child's is not mutilated with financial hassles.

Amit K Arora

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