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How to pass on money values to your kids?

Henil Shah
/ Categories: Mutual Fund, MF Unlocked
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How to pass on money values to your kids?

In 2019, don’t expect your children to learn those old money values like how you use to write down all your petty transactions in a diary to keep a check on your spending. In fact, in this digital age, money learning means advocating tap and pay methods, online shopping, paying mobile phone bills online. None of these activities involve actual cash transaction. Even our government is also promoting a Digital India campaign. So, in this digital age, it is important to pass on money values to your kids considering the change in money trends. Following are some of the ways through which you can give money values to your kids.

Digital pocket money
Pocket money is one of the oldest, yet effective ways of teaching your kids the value of money. Previously, the pocket money used to be in the form of cash. However, now the times have changed and whole world is moving towards digital age. Money is no exception to this. So, rather than giving them in cash, open a bank account in their name. Show them how to open a bank account, how to deposit money, how to withdraw money, how to read bank statements, how to make digital payments, how to make payments using UPI (Unique Payment Identification), etc. This will not only help them to check the overall savings, but also would help them to understand where they are spending more.

Part-time job
In India, people want to concentrate more on their kid's further studies rather than on earnings. However, like education is important for them, understanding the value of money is also equally important. In teenage (specifically age 18 or more), there is no better way to understand value of money than earning money by yourself. Spending the money not earned by you is easy. But spending money that is earned by you is sometimes more difficult. So, to make your kids understand the value of money, it is important to make them earn some money by themselves. This can be done by taking a part-time job, a job where your kids would either work on weekends or for not more than 2 hours on daily basis. It doesn’t matter how much they earn but what matters is how they spend the money earned by them. You can help them understand how to save and spend their earned money. These lessons would help them when they get their first full-time job.

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