Delhi for kids: Teach kids to budget their expenses

Updated on: Thursday, February 16, 2012

Intuitively attuned to technology, kids are much better at handling it than their parents who freeze when confronted with a problem. It's like they are born with a wireless mouse in their hands. But is this a good thing? How do adults brought up in an age of pencil and textbooks keep up?

Q1. Should parents restrict the use of gadgets among children?

Q2. Do you feel that schools should use the internet and social networking sites to broaden your child's horizons?

Many parents are neglecting their own future in going all out to save for their children's education. Some complain that they face a problem in controlling the child's expenses. Many also let kids have their way as they feel guilty about not spending enough time with the kid? But, is this a good thing? Here are some of the responses:

Parents should introduce children to financial budgeting at an early age. They can assign them part-time jobs during vacations or weekends. This will help children understand the value of money-Virender K Gupta

Children should be introduced to the nuances of financial management at an early age. Allocating them a fixed amount to meet their monthly expenses would help them prioritize and spend wisely. There is a thin line between being extravagant and being economical. If parents go overboard while spending, in all probability, the child will also be a spendthrift - Anukriti Tewari

It's essential to teach kids how to be moneysmart . And it should start at an early age. Parents shouldn't be too liberal with kids. They should know when to put their foot down - Bal Govind

Parents should save for their child's education but not at the cost of their retirement savings. Financial security is very important at an older age- Rajiv

Parents must raise their kids to become independent and self-reliant individuals. Children should be taught how to limit/manage their finances so that they don't face problems later in life- Amit

Today's kids need to realize that the things they fancy are not easy to get. Therefore, lessons in financial literacy are imperative- Hanish

If you save today, you'll have a financially sound future. It is, perhaps, the ideology of every parent because they want the best for their children. But they shouldn't go overboard by saving beyond their means. Such parents are often unable to reach their target and spoil their present worrying about the future. Parents must save according to their financial position. Pretending to be what we aren't only misguides a child- Afrin Zahoor

Times of India

Delhi for kids: Teach kids to budget their expenses

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