A Practical Way to Teach Kids About Money and Saving

Summary: A novel idea that can make your children learn financial literacy and the value of money.

The idea

A father, Mehul Fanawala, came up with a novel approach to educate his children on financial management. He gives his daughters Rupees five hundred and takes them to the nearest grocery store.

The purpose

The purpose of this idea is to inculcate the habit of spending money wisely and responsibly, saving, learning the value of money, and encouraging decision-making. It also increases the confidence and awareness of the children.

The choices

His daughters can decide and choose what they want to buy. They ask the shopkeeper the value of the products and calculate how much they can afford and what they can purchase. They count the change themselves, at times, making a mistake, but learning all the same. Sometimes they make carefully thought-out decisions that amaze their father.

The exercise

This small exercise of his daughters is heartwarming to watch. Other buyers and the store staff smile as they see the children standing at the counter, clutching the five-hundred-rupee note, eagerly awaiting their turn.

The thought

The father says that there are so many apps and reels on social media platforms that try to teach financial handling skills, but he believes the practical approach is the best. This will teach his daughters to be comfortable around money and develop good financial habits.

Conclusion

A very novel idea indeed. Schools should also include financial management in their curriculum, by way of such simple exercises. Reading tomes and tomes of accounting, mathematics, and finance strategies is not enough. The practical way in which you learn how to manage your finances is the key. Learning financial prowess from a young age can make you a financially responsible adult.