Teach Your Children the Value of Money

Parents must start to teach their kids about money at an early age. Starting at about the age 10 you should give them a few rupees every week which they can spend in whatever way they want. This weekly allowance should not 'free' but must be dependent on their undertaking some household works.

Let your children decide what they want to do instead of giving them specific jobs, or just ordering them. It is also important not to set limits on what they can spend their money on and also that, once they are getting an, you do not then go on buying them the things they want. They have to, and soon will, find out that if they spend all of their allowance the moment they receive it they will not be able to buy some of the more expensive items they want.

Parents should also help theeir children to learn the ins and outs of budgeting at an early age and discover just how much things cost. Take them to the store with you when you go shopping, get them to help you with the household budget and let them watch you when it comes to paying the bills. It will not take them long to get a feeling for exactly how expensive everyday living can be.

As your children get older slowly increase both their level of responsibility and their weekly allowance. As they learn to accept more and more responsible, show them how to create a budget for bigger items such as an mp3 player or clothes, and make them stick to that budget. Once more, you will find that they will rapidly learn that if they want to purchase expensive items, they have to make sacrifices. Children must be helped to develop an attitude for responsibility.

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