Raising extravagant kids or responsible ones?

Every Penny Counts- Value for Money
Teach them the value of money and let them earn their money- A parenting blogpost by Rekha Mittal Gupta
Every Penny Counts- Value for Money

In today’s competitive world, where 24 hours a day do not suffice, we tend to make certain decisions or do certain acts which are toxic for the naive minds of our kids.

It’s not that we do so deliberately. It’s the time crunch or time mismanagement or work overload or whatever we may term it, that compels us to do so.

One such act, I have come across in most households is fulfilling each and every yearning of their child even before the child speaks of it.

The kid believes, “As my parents don’t have time for me, they will get me what I want.”

As parents, is it our guilt of not devoting proper time to our kids that make us do so?

Or, as parents, we deem it to be our duty to fulfill our kids’ every demand.

Or, is it the money, we are earning that gives rise to the belief that it is being earned for kids only, so why not provide them with every comfort?

Speculate over it, are we doing the right thing.

Feeding them in a silver spoon, giving in to their whims and fancies, will they ever be able to understand the value of money?

I came across a couple who opened my eyes in this regard. They have provided their kids with all the essentials, a bit of luxury as well. At the same time, they have also made it clear to kids that they have to earn to fulfill their requirements by working hard.

Earn, in the context of kids, means they have to prove their worth to the parents – to show their potentials, to assure their parents that investing money in their demands won’t go futile or taken advantage of.

The couple provides cash rewards to their children

  • on their every success
  • when they had put in their best efforts, but couldn’t succeed.
  • for every good deed done by them.
  • when they extend their helping hand in household chores.

They encourage their kids to save the money earned to buy things of their needs, choices, or preferences.

This knowledge worked as an eye-opener to me.

Such wisdom on part of parents inculcates the habit of savings in kids. Sometimes, kids themselves understand that few things are not worth spending their hard-earned money on. And this results in deterring them from being extravagant.

We all wish the best for our kids. As parents, we even need to work towards it.

Not by giving in to their demands, but by making them responsible, capable, diligent, honest, and respectful.

Teach them the value of money and let them earn their money.

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