URGE TO SAVE MONEY VS. LIVING LIFE ONLY ONCE

Like we all know, money is something that runs the world. It is a said that money helps us fulfill all our dreams wants & wishes. It is an important ingredient for the recipe to have a balanced life.

"We as parents want our kids to know everything. This is probably because
we are scared that in the competition not knowing enough can be a setback
for them later on. But as parents explaining money and its importance to
them is something that we all must do. One appropriate way of doing this is
to help them open a bank account for themselves." (Source: Confused Parent)

There is a general misconception that investments and insurance are the same. It is very important for us, as parents to understand that once a baby is born, it is important to take insurance for his/her safety and also. Now, when it comes to investments, it is purely your choice as to when and which investment option you choose.

During my childhood days, I had the urge to save money and deposit it in the bank to see my savings account grow. A monthly visit to the bank close to my house was quite a fun. During those days a deposit of $ 0.71 by a teenager was a big deal.

During festivities like Christmas, Thanksgiving or even weddings and maybe a visit to my grandparent’s place, there would be an added bonuses for us. Honestly, a sum of $1.42 would sound so paltry now, but a similar sum during my days would make us feel like a millionaire. Our expenses those days would jot down to a random comic like The Complete MAUS which would cost around $3 for the love of art, or M & M chocolate was available for just $4.

Another memory of carefully spending our  saved money on buying stuff for favorite game of cricket or probably nag your dad to buy you the latest hand held game like Donkey Kong, or to get us a bicycle etc. Nostalgic as it may sound, I feel we were a happy and a lot more content with what we had.

A couple of decades later, I find myself in a different scenario. Where “living life to the fullest” is the new norm by buying things we don’t need, only to keep up with peer pressure and new normal laid down by the today’s society.

thefinancialexpress

Well, kids are reflection of their parents overload of pampering due to lack of dedicated time has made things so easy for the kids to get their wishes fulfilled.  “NO” used to be the final word what we used to hear from our parents when we demanded for anything. But try using that two letter word on your child now and you stand a risk of being labeled as a "miser." Well, who would like to be called that? Expecting children to value money would be far-fetched if they get what they need/want/wish with such ease.

Money doesn’t grow on trees. So, a few months back, I tried this simple experiment on my kids to teach the Budgeting or to discipline them. I had told them that from the following month they would be getting a pocket money of 200 bucks per month. They both were super excited to hear that, but I told them that they were to buy all that they wanted from their pocket money, irrespective of a fancy or an ordinary thing from their cotton candies to bicycles .

A couple of months passed by and one fine day we visited the super market to buy some household stuff. The regular visits used to be a tug of war between my kids and my wife. They would have the cart loaded with what their favorite items and my wife would have a tough time trying to convince them that it was such a waste of money. But the scene that day was surprisingly calm. I asked my better half “What happened to the kids?” She said, before coming here she warned the kids that whatever they pick up from the store would be paid from their own pocket money.

This exercise re-iterated my faith in my belief that most of what kids learn today come from their parents, be it to value money or practice saving or teaching them a disciplined life. But a straight forward question we need to ask ourselves, have we done enough here?  If not, then why blame them for what they haven’t been taught at this young age.

GUEST BLOGGER:       Deshna Chordia

A doting mom to angel, Social Media Specialist and Professional Blogger. She loves to share her thoughts with other parents in the same turbulent boat.  She absolutely loves and adores her family and is learning to strike a good work/life balance.  When she is not writing, cooking or busy taking care of her toddler, she is probably dancing to some good Desi music.

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Lissette Rozenblat

Social Media & Network Marketing

MiaMoon Designs, Inc.

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