Skip to main content

O Mom! Don’t be a snob, it’s just 2k



“O Mom! Don’t be a snob, it is just 2000 bucks. If you don’t want to give, I will ask Dad. But, please for heaven’s sake, I don’t want another lecture” was my Elder Sister’s 16 year old daughter’s reaction when her mother asked why she needs these 2000 rs. Embarrassed by her daughter’s behavior, my sister told me in a sad voice, kids these days don’t understand the value of money.
I remember the way our parents brought us up, we used to get a fixed pocket money and for every penny extra, my mother used to ask why do I need that. And, we had to give her full details. Our parents taught us the value of savings and how difficult it is to earn. The result is – that we have grown up as independent individuals who respect money and understand its worth. Now, the question arises, where we went wrong in passing on the same values to our kids, because they surely don’t have them. If we dig deeper we can find those answers among st ourselves only.
1.       We wish to give the best to our children. This is my child; he should not go for second best. He will not go through the hardships I went through to reach the place where I am today. This kind of blind love is making our kids more adaptive to getting whatever they want. And, when the time will come for them to fetch for themselves, they will have tough time as they never learnt the hard way.
2.       Not enrolling our Children into daily household expense management. When we were kids, our Mother used to give us money and send us to nearby Kiryana store to get her the stuff she needed for her kitchen. This habit of hers taught us that nothing is free; we have to pay something to get something. And, nowadays we have become so used to Mall Culture or Online Shopping that we don’t send our kids out. They just need to ask their parents if they need anything for school project, and they will get the stuff without knowing the cost of it.
3.       Dual Income. We all know it is difficult to survive on a single income these days. So, mostly both the parents are working. Now this thing has its disadvantages as well. Parents tend to spend more on their Children as there is a surplus. As parents, sometimes we fail to understand the difference between needs and wants of our kids.
4.       Culture of Excess. Wherever we look around we see parents agreeing to the demands of their little ones. So, we also tend to get emotional and say if he can give his son Xbox, why can’t I? But somewhere, we forget that we should set boundaries to this culture otherwise it is going to consume our Children.
     
     The reasons are multiple leading to exploitation of young minds and our failure as good Parents. If we want our coming generation to value money, we need to teach them the hard way. We can start step by step. We can fix a monthly budget for them. We can open their bank account, and let them operate it by themselves. We should also take them to our work places once in a while, to make them understand that money isn’t earned by going to one place daily between specified timings; Money is earned by constant hard work and prudent savings.


Charu Hastir, CFPCM is founder of www.theriteplan.com. Rite plan is an online financial planning portal created to achieve a single objective of providing easy and Do It Yourself Financial Planning to netizens. Rite Plan is wholly owned by Tikkun Olam Financial Planning Services LLP. Please visit: https://theriteplan.com/index.php?route=common/home/

Comments

Popular posts from this blog

Is everybody else richer than you?

Our neighbours are going on a vacation again…
OMG! How many times he changes his mobile phone…
What! She bought a new car…

I am feeling stuck
You open your Facebook account and see most of your friends enjoying, having fun time, going on long trips, showing off their newly bought car as if it is just a toy car. In the end, you log out from Facebook wondering what on earth are you doing? How do they get to spend so much of their money while you are entrapped in this vicious saving cycle – saving for your Retirement, saving for your child’s education, paying EMI for that Home loan of yours, etc. etc.
What we forget to understand is that there are sides of people’s life which we can’t see. We are only seeing the happy parts – thanks to Social Media. We don’t see the hardships people undergo to possess what they have, or worst their wrong money decisions and its impact on their life in the long run.
PEER PRESSURE Peer pressure is the direct influence on people by the peers (people who are pa…

How to set your Long Term Financial Plan?

Let me start this blog with a question? Do you dream? I’m sure all of us have dreams some fulfilled, some yet to be fulfilled. How do you hope to accomplish the unfulfilled dreams? These dreams do surely need financial aid in the form of savings. And for that you have to think about your financial future. A survey done by Aviva India reflected that Indians lack the discipline to create robust financial plans to secure their future hence exposing them to uncertainty.
If you don’t have a financial plan, it would be difficult to make your money work for you. Without proper planning and goal, your money in the bank account will yield no results. Here are a few steps to help you build a financial plan.
I.Financial Assessment
You need to know where you stand in terms of your finances. Your current assets, liabilities, savings, and your financial goals. For making a picture, you need to have the frame first. Similarly, for building a financial plan you need to have a fair idea on your curren…