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The Value of Money ( For Nursery / primary school children’s parents)

May 13, 2012

The Value of Money ( For Nursery / primary school children’s parents)

Taking children out shopping can often turn out to be a nightmare , because they seem to want everything they see! The reason for this is simple, they think their dad’s (or Mom’s ) money never ends. It may be fun to watch a toddler points his little fingers at things, asking you to buy them. Yet, as children grow up, it is important to give them a more realistic picture about money, and your family’s finances. Of course, this does not mean that you should overburden your little one with all the details of your income and family budgets. This will only confuse the child. How can you take the first steps in developing a sense of financial responsibility in your child, without sounding too fussy about it?

Hear are some tips:
A good way to start is to give an understanding of how money works. Use everyday opportunity to point out how money is used. For instance, when you are out shopping with your child, show him how you compare prices of different things before making a purchase. Try to talk about why you make a particular choice, weighing the cost against the thing’s real use. Let your child understand that you are making your choice based on ‘needs’ rather than fancy ‘wants’. You could also let your child actually hand over the cash when you are making some payments – to the newspaperman or the dhobi for instance.

The child would then become aware of how money is exchanged in return for things, as well as services. All this should be done in casual, playful way. Gradually, your child is sure to understand the idea of the value of money, and also that there are limits to its spending.
It is also never too early to teach your child about saving money. Buy your child piggy bank, and give him a few coins to put into it. Money received as gift at festivals, on birthdays etc. can be added to the piggy is full, he can use the money in it to buy whatever he likes!

From :- Magic Pot

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