MAKING KIDS MONEY SMART

"If you would know the value of money, go try to borrow some, for he that goes a- borrowing goes a-sorrowing"- Benjamin Franklin.

Now that I look back at my childhood, I realise how lucky we are to be blessed with the family we have. Knowing what I know now, I have come to understand that not every kid had the same life that we have. Not every kid had a room full of gifts on festive mornings or a family to share a birthday with.We are lucky to have all the luxuries which so many kids yearn for. So many kids take for granted the fact that they eat three meals a day, while so many others are lucky to find a scrap of bread in the dustbin.

 It is noble and good to teach your child about the value of money to empower them to succeed at whatever they choose to do in life. Our attitude toward money -- the way we handle it and discuss it -- makes an impression on our children. It's unrealistic to expect our children to develop an attitude toward money that's more mature than our own. It’s one thing to tell your kids something, but if you are doing the complete opposite, they’ll learn more from your actions than your words. To teach them about controlling spending, you have to do so yourself. Lead by example. Your kids are not going to become skilled financial planners overnight, or in one month, or even in a year. Your goal should be to teach them these lessons over the course of their childhood and adolescence. So teach one thing at a time, until they’ve learnt the skill, and then move on to the next. There’s no hurry. You can’t teach by telling. You have to tell, then show, then let them do and make mistakes. And then talk about those mistakes. Soon enough, they’ll learn why those mistakes were actually mistakes, and if you set it up right, they’ll learn better habits on their own, by doing. Only if you expose your children to genuine poverty and help them see how a small amount of their money can make a difference for someone who is struggling, it will help them not only appreciate the value of money, but adopt a kind and generous attitude. Because while educating the minds of our youth, we should not forget to educate their hearts.