Value of the dollar: Every child needs to know it
There is hardly anyone in my vicinity who hasn’t heard the famous phrase “money doesn’t grow on trees”. Even today I hear the old adage, “a penny saved is a penny earned”. In today’s digital world everything runs in lightening speed and obtaining money has also become quite easy. You just need a sleek card and you get cash instantly from an ATM. We grown-ups know that ATM is not a money making machine, but what about our children? They take these procedures in their own fashion. And needless to say that for them money is always available when you insert your card in ATM. Our kids are going far from learning value of the dollar. They must understand that money is not a commodity that can be obtained easily, we need to earn it. And the responsibility of this teaching solely rests on today’s parents.
The responsibility of teaching value of the dollar to a kid is not an easy job. I feel that the responsibility is doubled since we need to be a good role model for the kids while teaching them the value of the dollar. Many of us are addicted to whimsical spending habit. We must realize that this habit affects our children to a great extent. Our every action is mimicked by our kids and hence if we replace our spendthrift nature with budgeting and comparison shopping, kids will adopt them too.
As a parent we are always obsessed with the desire to fulfill all the wishes of our kids. We do this out of love but is reality this behavior turns to be highly destructive for children. Not all of the wishes of a kid should be fulfilled and a parent must learn to say no and stay firm. This way a kid will start appreciating the thing they didn’t receive. Besides this, a kid will also learn that working hard enough can only make them achieve the toy they want.
A very effective mean to tech children value of the dollar is to take them to a grocery shop. You must do a comparison shopping in the grocery shop and allow your kid to learn it too. This style of shopping, will silently tech your kid to make the most out of a given amount of money.
If your kid is not too little, you can start of sending him/her to nearby shops with a fixed amount of money. You will ask your kid not to surpass the money limit and thus they will learn budgeting at an early age.
Once you notice that your kid has out up the habit of frugal spending, you must not forget to praise. Praising can have a great impact on your kid’s psychology. This will boost your child to keep up with this healthy habit.
I personally felt hat teaching our kids to spend frugally is a social responsibility. This will make our future generation cope with the economic uncertainty boldly.