Parents should educate children from small about handling money

May 31, 2019 Letters

DEAR EDITOR,

Parents are tasked with the responsibility of molding and shaping their children’s future and character. When it comes to making choices it is imperative to provide them with guidance. Today, with all the pressure emanating from social media and technological advancements, it has become more challenging than ever to teach children proper spending habits, and to make them distinguish between “a necessity and a luxury”.
In our current age and time, children are more exposed to a variety of things like new gadgets, high-end brands and the latest trends in fashion. It is only natural to desire the best for your child/children. However, as parents you need to make them realize the difference between a want and a need, and you need to educate them while youth is still in their favour.
Such principles can be practiced on a day-to-day basis. For example parents, when you go grocery shopping with your children, educate them by taking the necessary things first (needs). Once you have completed your needs list, make assessment with other things (wants) based on what is left in your budget. This can educate them about the difference between the two and enable them to create decisions based on their own judgment. Whenever your child thinks about buying something, inquire if it is something they really need or just something that they want. In so doing, you are allowing their young minds to make small decisions that will benefit them in the future.
Parents should also make kids realize, before they become too old, that not all that glitters is gold, and not everything nice and flashy is worth having. Material things like gadgets, while nice to have, lose their value over time. They do not remain the same for long, and once new things come along they are considered outdated and archaic. Kids nowadays are smart enough to know that trees are not the bearers of money, and they can also discern or differentiate a luxurious lifestyle from a humble one. Thanks to social media and television. Therefore parents must be honest and straightforward and tell children that money comes from hard work and perseverance. It is vital that they learn the concept of how money is acquired in order for them to learn its value. In so doing, you are opening their eyes to the reality that working hard and being responsible can guarantee them a brighter and more stable future.
Yes, educating your children on how to handle money is a challenging undertaking. Parents should be ready to answer a multiplicity of questions, and an abundance of “whys”. Remember however, that training children at a young age can go a long way towards making a difference in their ability to make decisions in the future. Additionally it can also make them realize the things that are far more important and relevant in their daily life.
Yvonne Sam

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