How to Do The Great Indian Money Talk With your Family
Realise the worth of money while you still have it – this is the mantra your child needs a quick lesson in for a wise and stable future. Discussing about money with your family is essential in helping your child differentiate between saving and wasteful spending.
Instilling value and foresight is every parent’s duty towards their child. One such arena is financial planning. But, discussing money is no easy feat with your children; besides, how does one even start such a conversation? Quelling your anxiety are these easy tips that you can employ to start the uneasy ‘money’ conversation with your kids.
How to be a Pro at Talking With Your Family About Money
Choose The Right Time
Holidays, special occasions and parties aren’t the right time to do serious conversations with your kids. To make money talks easy with kids, choose a time when they are ready to listen and understand what you’re trying to say. It could be a break between a tennis game you and your child are playing or when you’re driving your child back from his aerobics class. You need to look for the right moment to make these conversations fruitful.
Accept The Differences
Every member is an individual with his or her capacity of thinking. So try and accept if there is a difference in opinion on why your family should talk about money when all the ends are being met comfortably. Involve all the members in the conversation and try to keep the conversations on the light note. Be respectful of your child’s perspective and be gentle while explaining the logic of your point. ||
Take It One At a Time
Tempted to have the money conversation all at once with your kid? Stop. The key lies in making them understand what you mean to say each day, slowly. So set some time aside at intervals to discuss finances with kids. To make money related talks easy with them, give them live examples and share day-to-day experiences instead of making it an agenda. Discuss the electricity bill and maybe the installments of the car you just bought.
Avoid Hiding The Figures
For your family to understand how money makes life comfortable and how crisis can lead to discomforts, give them a brief idea about the expenses and incomes that comes in and goes out. Teach them how planning is necessary and why savings are also important. Show them how you plan your spendings and savings to give them a real idea.
Involve The Child
One of the best tips for discussing money matters with your family is to involve your child in managing finances up and close. Give your him a budget for his summer holiday and encourage him to draw up a plan of his spending and saving. Analyse it and point out the discrepancies, to your child, if any.
Letting your child plan finances with you is the best way to teach them to plan their money too. Talk to them about earnings, losses, savings, and expenses. Once you make money talks easy, practical and fun, helping them understand the true value of money wouldn’t be a task.