Do you remember your childhood days when first time you held a coin in your hand, how you learn about money and when it becomes the part of your daily life – It is hard to remember… And now when you are a parent it is your duty to imbibe these learning in your child. The learnings from the childhood plays a crucial role in defining character of any human being. Let’s see few things which can help in simplifying this task.
When your child turns 3 – at this tender age, child does not even know the word money. But you should tell him the importance of conserving things like his toys, food etc. While a child learn that it is important to finish food in his or her plate. A good parent is one who teaches his child to take care about his belongings. A simple way could be that whenever you buy a toy or any toys breaks, you should make this as an event. This let the child feel the importance of a new one or feel good about the one he is left with after the one breaks.
At the age of 5 – At this age your child is going to school and start interacting with other children of his/her age. The need to take of his belonging is increasing with various articles accompanying to school like pencil, rubber, water bottle, etc. A daily check of all articles before and after school in front of him will be an ideal situation though you should not mind loosing a few of them. Another facets to this comes to life when your child looks at others with attractive items like pencil box, caps etc. As a responsible parent it is not advisable to fulfill all his demand rather you shall ask for the need and let him only few of them.
Also ask your child to buy items like chocolates, crunchy, toys by himself however an elder must accompany. It give him a sense of money and make him learn that no toy or chocolate or other such items that he wishes in life does not comes without money. Also money difference between less money and more money where you cannot buy a big toy with less money.
At the age of 7 – By this time, mathematics books teaches you child various denimantion of money. Playing with him in role plays as a shopkeeper and customer, clears his doubts about paying and getting money. Also, how saving and make less money more and spending can make more money less. Buying a piggy bank and giving him one coin daily to buy a video game is a ideal way to teach savings.
At the age of 10-12 – Now is the time when your child should start getting pocket money. Let him spend an whatever way he like however keeping an observance. Pocket money is the first earnings of a human being. A child learns budgeting the spend (to get maximum out from the little amount), savings (to buy a expensive article of his choice) and true value of money (while comparison with his other friends).
It is important to learn concepts of finance and sense of money in early days of life with smaller amounts on stake. Also with development of mind, the character also takes shape which remains there for the whole life. As such good learning at this stage leads to a happy, successful and fulfilling life.