6. Handle peer group pressure positively
Peer group pressure is a situation that every parent encounters. Your child always wants something his/her friend has. However, you may be against it because either you can’t afford it or even if you can you don’t want to spoil your child by giving him/her everything he/she wants. Alternatively, your child may be better-off amongst his/her friend-circle and may become arrogant and develop superiority complex. Parents need to handle both these situations with patience.
7. Reward good financial behaviour
Just as we reward good performance at school, it is equally important to reward good financial behaviour. We need to appreciate and applaud our child. If the child has been consistent in meeting the rules laid down for ‘saving’ and ‘spending’, we must praise the efforts. We could take him out for a movie or buy a gift. Or even give a performance incentive, just as we get the same from our company.
8. Be a good example
Parents are a role model for their children. Your child too would pick-up a lot of your habits. This is true of money-habits too. It will be difficult for you to make your child appreciate the benefits of savings if you yourself are a reckless spender. Your attitudes & beliefs about money and your behaviour in money situations will shape a lot of your child’s money-attitude. Therefore, make sure that your lessons to your child are consistent with your own actions.
Good financial management attitude and skills will benefit the child throughout his life. It is one of the best gifts we can give them.
Peer group pressure is a situation that every parent encounters. Your child always wants something his/her friend has. However, you may be against it because either you can’t afford it or even if you can you don’t want to spoil your child by giving him/her everything he/she wants. Alternatively, your child may be better-off amongst his/her friend-circle and may become arrogant and develop superiority complex. Parents need to handle both these situations with patience.
7. Reward good financial behaviour
Just as we reward good performance at school, it is equally important to reward good financial behaviour. We need to appreciate and applaud our child. If the child has been consistent in meeting the rules laid down for ‘saving’ and ‘spending’, we must praise the efforts. We could take him out for a movie or buy a gift. Or even give a performance incentive, just as we get the same from our company.
8. Be a good example
Parents are a role model for their children. Your child too would pick-up a lot of your habits. This is true of money-habits too. It will be difficult for you to make your child appreciate the benefits of savings if you yourself are a reckless spender. Your attitudes & beliefs about money and your behaviour in money situations will shape a lot of your child’s money-attitude. Therefore, make sure that your lessons to your child are consistent with your own actions.
Good financial management attitude and skills will benefit the child throughout his life. It is one of the best gifts we can give them.
