The festival season is thought of a great time to teach some useful life lessons to kids. One of the significant lessons, and likely the very best, that you can attempt to teach your kids in this festival season is about the significance of funds in life.
In previous, folks had tiny access to funds. For children, the possibilities to invest had been also incredibly significantly less. Then elders used to give coins as blessings, or as a token of great fortune, to kids in the course of festivities.
The tradition of providing gifts to children in the course of festivals continues even today. However, the nature or the variety of gifts offered to children has changed. Today, it might be in the type of some gadgets, new clothing or games. Some households continue the tradition of gifting funds to children.
Unlike the prior generations, present-day kids are exposed to also lots of distractions. Now they have access to so lots of avenues of spending funds that, if not taught early, they might under no circumstances comprehend the value of savings.
Experts say that there are lots of techniques you can use the festivals to teach some funds lessons to children.
Pallavi Tipparaju, Co-founder & Chief Product Officer at Pencilton, told FE Online, “In India, festivals are all about spending quality time with family and friends, new clothes, good food, decoration, and gifts. A lot goes into making a festival into a celebration and this makes it the best time to teach kids about the value of money.”
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She recommended that in the month top up to the festival, you could encourage kids to save funds to purchase gifts for their close friends and cousins.
“You could also ask them to make a list of items required for the celebration and to estimate how much money it would take to buy those items. Another way to teach kids about budgeting is to give them a fixed amount of money and let them allot it to things they value the most,” Pallavi mentioned.
Festival season is a time to cherish, appreciate with family, and give gifts. Sometimes such elements overshadow other purposes that can be fulfilled in the course of the festive season.
Gera mentioned that parents tally up the gifts for their children but at the identical time, they can teach significant lessons about funds. “Festive season offers a plethora of opportunities to teach kids important financial lessons, such as saving and budgeting, as well as the value of every penny earned,” he mentioned.
“The money they earn in the form of coins of blessings can be used to teach how important it is to save money and need to spend it diligently over important necessities. This will not only foster the culture of savings but also make kids money-wise,” he mentioned.
According to Gera, some recommendations can also assistance monitor the monetary behaviour of kids at a incredibly young age. “For instance, while children learn that money is needed to buy things, the concept of essential and non-essential expenses should be introduced too.”
Parents can even set day-to-day tasks for their kids and tie them with perks to inspire them to earn some added funds if they want to invest more funds.
“Instead of giving cash, kids can have their own ‘Card’ which not only gives them a feeling of managing their own finances but parents have oversight of all the spending,” Gera mentioned.