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Parenting

Making kids understand value of money! – Part 3

In earlier blog we read about how my son demanded a Nerf gun and I suggested him to buy it with his hard earn money. He had accepted the challenge, started ironing clothes and was waiting for his first pay.

In his first month he had managed to iron 55 clothes and he had earned Rs 330. He wanted to buy a toy for himself. We went to our usual toy shop. He immediately checked the price of Nerf gun. Its price range was from Rs 800 to Rs 20000. He was little disappointed. Then he started checking some other fancy toys. Alas!! They were very costly.

Finally he told the shopkeeper that his budget was Rs 330 and asked what could be purchased with this amount. The shop keeper started showing some card games, board games etc. When he made his first selection the total cost of the merchandise was Rs 336. He didn’t have sufficient money. I offered to give him extra Rs 6. But he refused. I offered him advance of Rs 6 and asked him to adjust it in next billing cycle. He rejected this proposal either. Finally he selected 2 items – Fletter cards and fidget spinner. This fitted well in his budget. He was very happy with his shopping. He was in euphoria. 

He started ironing his clothes with more gusto in the next month. In the second month his tally was around Rs 650- 700. Still the money was not sufficient to buy Nerf gun. He was little disheartened and asked me way forward. I advised him to save his money and spend it at a later date. It was very difficult for him to exercise control. But the attraction for Nerf gun proved to be stronger. Finally after 3 months of ironing he became proud owner of his Nerf gun!!

Few learnings from this exercise:

1. One has to really put in lot of efforts to earn even a small amount of money.

2. If you want to make big expenditure then you need to plan and save the money.

3. The kid has learnt one essential life skill which will never go waste.

Lastly I would quote 2 incidents which assured me the learning has indeed been etched into my son’s mind:

1. We have been visiting same toy shop in nearby locality for years. One day the owner specifically asked me, “Madam, what have you done? Earlier your son used to look for all costly fancy toys. But these days he has suddenly started asking for cheaper and simple toys. He comes with some budget as well?? Are you paying him any procket money??”

2. My son and his grandfather had been to movie. During break his grandfather thought of buying him popcorn. Dadaji was mentally prepared to spend the extravagant cost of Rs 220 for tub. But when my son noticed this price he flatly refused to buy any snacks as they were not worth the money.

What else one mother could want!!

For reading my other blogs please visit  https://kinfolkclub.com or https://motherlab.blogspot.com

Categories
Parenting

Making kids understand value of money! – Part 2

Read Part 1

In last blog we read that my son wanted a Nerf gun. Giving Nerf gun was not a big deal for me but making my kid understand the value of money was very important. I had found the solution to this problem. I had suggested my son to buy the gun with his hard earned money. Read on to know how.

Me: That’s easy enough. I will give you a deal. If you like it then you can accept it. Why don’t you iron your own clothes? I pay outside laundry-man at the rate of Rs 6 per cloth. I will pay you at the same rate for the clothes you have ironed during the month. We can maintain a diary and note number clothes ironed on each day.

Son: But I don’t know how to iron clothes. 

Me: Oh! It’s not at all difficult dear. Me and your father would teach you how to iron.

Son: But what if I iron the clothes, earn the money and you refuse to buy whatever I say. 

Me: That’s a promise. I will not refuse or detain you from buying whatever you like. If I feel something is not appropriate as a mother I will tell you my opinion. But the final decision will be yours and it will be binding on me and as well as on your father.

I interlocked little finger of my right hand into little finger of his right hand. That was a gesture of promise which cannot be broken by either of the parties. This was sufficient to convince my son. But I was not done yet. I also told him one more condition that I would not hand over the cash to him. We would accompany him wherever he wanted to go for shopping and we would pay directly to shopkeeper. I had put this condition for 2 reasons. First, he shouldn’t carry money in school for showing off among his friends and fall victim to some untoward incident. Second to maintain transperancy. It shouldn’t so happen that we have disallowed something and he spends money on such things without our knowledge. We had full trust in our son but at such young age taking due precaution was our responsibility as parents. Let the kids venture far but not too far.

My son understood the full scheme. He was not too sure about whether he should go for it or not. Next 2-3 weeks went by without mentioning either of the Nerf gun or ironing. One Saturday my son declared that he was ok with my proposal and wanted to learn ironing. We immediately got a brand new Murphy Richards iron. My husband taught him how to lay table for ironing, how to adjust the temperature of the iron depending on material of the cloth and finally how to iron different types of clothes. We advised him to iron his clothes under our supervision only. We had to help him initially in turning the clothes and folding them. But in short time he mastered the art. He was now eagerly waiting for first pay day.

Follow my blog to know whether my son would be able to buy his beloved the Nerf gun with his hard earned money. (To be continued..)