If you find that your child is spending too much, or does not seem to know the value of money, try out all or some of the following tips:
- Get him involved in domestic budgeting, ask him to keep accounts, and reward him when he does so.
- resent him with a copy of the book “The Ultimate Gift” by Jim Stovall (Embassy Books), and discuss what he felt after reading it.
- Give him some money and ask him to spend it in such a way that every day he spends at least some amount, but the entire amount should not get over before 15 days – and all the money should be spent on SOMEONE ELSE, not on himself.
- Force him to keep detailed accounts of money that you give him, and reimburse only if he gives a complete account. If there is an amount missing, next time give him less.
- Encourage him to rough it out with limited money e.g. spend the whole day roaming around outside, eat food, travel, meet friends – on a shoestring budget, and without taking money or favours from anyone else.
- If he takes money without permission, be very firm in denying him money for a fixed period of time.
- Keep a strict watch on whether he is getting money from other sources (e.g. grand-parents, friends), and firmly stop him from doing so, by seeking cooperation of the others.
- Take the child to an orphanage, a school for special/disabled children, a slum, and just show him around, observing closely their lifestyle, dress, food etc. Do not lecture to your child about them, but give him exposure to allow the impact to slowly sink in.
- Give your child opportunities to earn small amounts of money through menial tasks that are done by servants (e.g. washing the family car, iron clothes, carrying out the trash, weeding or watering the garden). Pay him the wages that are normally paid, but praise him that he has actually “earned” the money.
- If you have already been giving money freely to your child, start reducing the quantum in small increments. Explain why you are restricting the money, and tell him in advance what you will pay for and what you will not. Never succumb to tantrums or emotional blackmail.
The above exercises have to be done continuously over a period of time, and only then the affect starts showing. If parents relent mid-way or break the firm norms to make exceptions, the exercise becomes a failure. The child may at times throw tantrums, but it is imperative to understand that what is being done is for his own good.
