Managing Your Money

A wag once said – “The easiest way to teach children the value of money is to borrow some from them.” Indeed, the frown and pout on such a child‟s face would indicate a loss of something quite tangible! But it is important to teach a child that the concept of money goes beyond a few coins or dollars. Money and its successful management reflects liberty and a control over one‟s destiny.

To learn about money management from a tender age, a child can be explained the parts of the financial system in a simple way – The Lemonade Way:

Banking – Your kid can start with a simple savings account to run his lemonade business. When they write a check for the purchase of lemons and sugar and file the receipt for them, they will have learnt his first banking lesson. Take them through simple interest, compound interest and so forth.

Income – Explain to your child that money can come in through salaries, sales profits, commissions, consultancy fees.  When they collect a fee to explain how to make a better lemonade, you know they have got the hang of consultancy!

Expenditure – The child must appreciate the importance of a budget to control expenses. If they blow away his day‟s profit on a large scoop of ice-cream, they will have no money to buy lemons the next day. When they borrow money from you, charge them simple interest! Also charge them a few cents toward infrastructural cost (they are using a chair and table from home).

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