Money and Kids

Swapna Mirashi

Below is the summary of parents’ discussion on Money and Kids facilitated by financial literacy professional Swapna Mirashi

We had a lovely Connect on September 29 at our usual venue, CCK Library. As always, I am grateful for the love and support the librarian and staff provides us at every Connect.

I am also thankful to the moms from previous Connect, who came back to the 3rd Connect. It is lovely to meet regularly. The power of this forum is in these connections. And a big thank you to all who came, braving the heavy rains and slow traffic. ‘Hero’s Journey’ indeed!

So it was moms again (hope to see some dads too, at forthcoming sessions) and what a wide age group of children we had between us; from 2 years to 13 years. It was a rich discussion, in which we could foresee what was coming in terms of challenges, achievements and also support from your kids, through the eyes of a teenager’s mom. We relieved the innocence of our own toddlers through the narration of a toddler’s mom. These are the moments that memories are made of! Thank you ladies and I hope to see you in the next Connect on November 24.

Takeaways on Money and kids

  • Teenagers have a way to convince with rationale so parents should think through their stance.
  • Negotiation strategy used in family business should be employed while handling kids’ demands – ‘I’ll talk to my husband/ wife and consider.’  ? so both Mom and dad come across as one.
  • Toy shop is a Museum, enjoy looking around but nothing can be taken home.
  • Freedom with limits is the mantra.
  • Involve children in helping the underprivileged.
  • Money wise ideas – open a bank account in child’s name and start putting aside money for future, if the child is older, make a joint account. Teenagers can also be entrusted a debit card after educating them on their privileges and responsibilities, children can be taught to share from young age – one of the moms’ two kids (under 10 years)  have been raising money for a cause on their birthdays in lieu of birthday presents for the past 5 years.

Read how you can help your children gradually acquire money skills