Money is indeed one of the key indicators of success in our life. All of us seem to go behind money in our life as without it, we cannot enjoy many things in life. But be careful and do not let money takeover your life !! Learn to understand and appreciate the value of money.

What can money buy or not buy

There are many advocates who say Money is not everything in life. They claim that money cannot buy you love, respect, time, wisdom. All of which is true. But, remember, money should be your servant and not your master. Learn to handle money well so that it will help you enjoy life.

In today’s world, everything seems to come with a price tag !! You need money to buy anything or avail any service. It is used as a tool for both motivating people and also punishing them. Companies pay you bonus when you perform well to encourage you while courts levy huge penalties in case you fail to comply with the laws of the land. Money has become a yardstick to determine your success in life and people tend to value people who have made millions !!

Not everything comes with a price tag !

As parents, we have to balance and teach our kids the actual role, importance and value of money in our life. We should neither over emphasize its importance nor make them not value money. Giving kids pocket money helps them to handle money. Some parents go a step further and make the kids earn their pocket money by assigning a sum to each of the household chores. Though this will teach them to work hard to earn money, they should not end up believing that everything in life comes with a price tag !!

It is important to make kids understand that it is their responsibility to contribute towards household chores as part of the family. Pick and choose chores which can be monetised. For instance, studying, cleaning their room is part of every kid’s routine and responsibility. However, you may let them earn some money when running some errands for you.

So, it is important to teach kids what is money and then the real value of money. We will touch upon other topics like plastic money and debt in this series about Money.