What is money? An essential commodity that helps every people including and around us to maintain our daily life needs. Without which we can’t even imagine a single day in our life. There lies an inequality in our system regarding money. The daily life of most people is decided by their wealth. So, the people having lower economic conditions should be aware of Money Consciousness. Now, what is Money Consciousness? In one word it is the decision of yours between What do you want? and What do you need? What you need stands for the things which are necessary for your daily life. On the other hand, What you want stands for the things which you want after completing your needs. Those can be termed as luxury too. So wise people can easily choose between these two but what about our Children? How will they be aware of this?
Money Consciousness in Children
Kids or children are the most attracted towards fantasies or luxurious daily life. In early childhood, they are broadly attracted by the stories or movies they see, which creates an affection towards luxury. So if the parents are not capable enough economically to fulfill all those needs, in no time the child should be taught about Money Consciousness.
Nowadays saving money is a big deal for everyone. Spending huge money on something which a child wants just to play, is somehow tough for them. So making the child used to in approaching little gifts and saving the rest of the money, makes them a Money conscious child from a very little age. For that thing, we have to explain, what is money to the child. Explaining money to a child is not a hard process. We can discuss our daily life needs to them, how we are saving money by buying a less amount product instead of a one of high range. How we are planning for their future, how saving money can help anyone in need – those things should have to discuss. Parents can also provide some mantras for kids to be more conscious of saving money. Like, start to save for a big thing in the future. Suppose a child is demanding a remote control car, tell them to save money on their own. Their pocket money is the only way to do so. As a result, they will start to spend pocket money instead of spending this on any non-essential thing. Then, if anytime they feel pressurized over buying something, suggest them to not buy. Tell them how can a kid start saving money while they’re in quarantine. Like saving from online resources, controlling the purchase of various online pieces of stuff. Suggest them a daily budget and tell them to fix themselves in this. Those are the ways by which you can make your child conscious about money.
Besides this, we should tell our kids some processes about Kids Finance. Give them a small piggy bank in which they can save some of their savings. Make them aware of the shopping sense, comparing prices of different products. When they are much grown tell them about the Credit card concepts, checking accounts, etc. After that age tell them about the vast future plans and how savings can help them. Allow them and help them to become a young entrepreneur.
Learning About Money Is Very Much Important
As making the correct spend of money and saving it, makes a man wiser, you should become a guide or an inspiration for the next generation in terms of Money consciousness. If you can’t save money, others will not learn from you. So, before making the change at first be the change. Guide your child in such a way from their childhood that they become conscious about saving the money even when they are moving with others. Tell them how to be happy with a little. When they are at least 18, allow them to take some responsibilities.
Those are the possible ways mentioned above to make our child more Money conscious.
