Tuesday, July 15, 2008

My sons and money talk

I have always have the penchant of teaching my children a thing or two about money, i know deep inside my heart, if i dont teach me or guide them directly about the good and bad about money when they are younger, it will be harder to teacher them in latter years.

We cannot deny the fact that children now are spoilt with myriad of choices, from top to the tip of their toes, they can easily pass as a fashion critic. I believe in school, children are rarely thought about what frugality is, what saving is and so forth, therefore we parents should set good example in showing them all that.

Just recently, i felt a sense of achievement when i started a new method of giving my eldest pocket money, before this my wife used to give him daily pocket money of RM2 each day, i changed that, i said to him instead of giving you RM2 each day, i would give you RM10 for a week. I explained to him, now that he has more money in his wallet at any one time, for sure he will be tempted to spend more now then before, i explained to him about delayed gratification, i told him to spend according to the needs rather than the wants

I can say i am truly proud of him that he has passed the test, at the end of the week, he still manages to save some

P/S, on hindsight, the saying "teaching one to fish is better than giving one the fish" has great bearing in our life

1 comment:

  1. my daughter is 14, she also takes 10rm weekly and saves the balance.. but my son who is 17, he uses much more...100rm from me, with his prepaid card of 30rm inclusive too...