by Sanjeev Kumar Gopalakrishnan, Investing
14 Jul , 2017

Daughters can do wonders with money!

Shruti is in 10th standard now. She used to save the small amounts of money she got from her relatives during occasions like Vishu and birthdays, from the time she was in 2nd standard. Her parents never took the money away from her and instead supported her by giving a small box to keep the money.

When she was in 7th standard she found that her parents have a bank account and was behind them to open a bank account for her. Her parents found that banks open SB accounts for children and even give debit cards. They opened an account for her and she put all her money in it. She deposited whatever money she received in that account in the following years also.

A few days back, it was her mother’s birthday. She knew that her mother’s mobile phone was old and used to tell her to change it. But mother kept on postponing it. So Shruti went with her father and bought a smart phone costing about Rs.10000 to and gave it as birthday gift to her mother. Her mother was surprised and hugged her will all the love and affection in the world. Tears of joy rolled down her cheeks.

Children can do wonders to you if you engage them with money from childhood!

As soon as your daughter is able to count and do basic maths, she should be taught about money.  You need not take any classes for that. But get her acquainted with money like counting coins or notes.  You have to engage her with the money aspects in your day to day life like asking her to find out how much balance should you receive if Rs.100 is given to buy a thing priced at Rs.35. You should ask her to collect the coins daily and put in a box and ask her to count it at the end of the month. This will make her understand how big amounts can be made by accumulating small amounts. You can also open children’s account with a bank and ask her to deposit the money collected every month in that account. Also advise her to put the money she receives as gifts in that. She will see money growing month after month and will feel proud about herself. Tell her to set a goal like buying a cycle or a tab after 3 or 4 years. Now she will become focussed about reaching the goal and try to save as much as possible to reach that aspirational goal.

If you are able to get your daughters to this level, then they will never fail in their life in money matters. Many parents do not engage daughters in money matters and do not listen to them even if they comment about parent’s money matters. Listen to them; you will get valuable advice from your daughters!


 About The Author

Sanjeev Kumar G, an IBS Chennai Alumni, is a Certified Financial Planner (CFP) from India, since 2005. He has 22 years of experience and is an expert in various personal finance areas like portfolio construction, investment research, life insurance and financial planning.

 

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