Money Matters 
Inculcating the right attitude towards money in your child goes a long way…

Pratiksha Singh
New Delhi, August 09: Today everywhere you look, there are gizmos and gadgets and youngsters want to buy all of them. It becomes very difficult for parents to teach their children to spend their money sensibly. Moreover, the age of 18 – 21 is very tricky. Youngsters who are trying to find their identity do no-’t like to be questioned or told what to do. As a parent one needs to realise that they too have been through that age where they needed to be given space and to be treated as adults.

It is very important to emphasise the importance of being economical to children. Children need to be taught the difference between needs, wants and wishes. This can be best done by telling them about the amount of hard work that goes into earning a livelihood. Irrespective of your income, you should ensure that your child values money and does not become a spendthrift.

While giving money to your children, try giving a small amount at a time so that they know there are restrictions on spending. If your children are earning, it is important that you let them meet their own expenses.

You need to understand that the children live in an age where money is the god and hedonism and materialism rule. Help your child identify his/her long-term goals and aspirations. The best you can do is to be supportive. You have to let your children make their own decisions. At the same time, as responsible parents, you should also let them know that you are there for them in case they make a mistake. Your children will value your advice and contribution more when they know that you will support them in their times of need.

It is also important to be aware of what your children are spending on and how much and if at all they are being able to save. If you want to know how your child is spending his/her money, enquire casually without nagging. Trying to be a friend and a silent spectator rather than an interfering parent, will win you your children’s trust and help you communicate better with them.

If a child is counseled by his/her parents to avoid spending unnecessarily, they will learn to value money, apart from several other important things in life. As a parent you have to be fair and firm without giving in to tantrums. By using this approach, conflicts will be minimised and your children will develop an intrinsic sense of right and wrong.