Can you teach your kids personal finance? Aka the importance of money.
How do you react when your kids ask something that costs you some money?
Do you fulfil their wishes immediately?
Do you wait?
Or do you completely avoid their wishes?
I think we can’t avoid it. But, we can give them some homework so that they could understand the importance of things.
When they know why it is important or why do they want it then they understand the value of the things.
When they know the values, they will care about the things.
And when they will care the things, they will understand the importance of money.
Recently my 10 years old daughter asked for a swing (We call it Jhula in India). However, it was all in my budget but I tried to test why does she want the swing?
Here is her response.
Well, with this little test I could know a lot about my daughter. And I think such practices are helpful to come close to your kids and know their feelings.
I think such practices are more helpful than if she knew the climate of a far region of Vietnam which she can easily learn from a simple Google Search. The modern education system does not teach what is important.
Now she knows that Jhula is important and what she has done for it. I like this practice but do you?