5 things you can do to teach your children about money

Hi moms, 

So my kids are the curious type - and finances come up again and again.. specially during Christmas when they are telling you all the things they want (or all the places they want to go). And frankly, some are simply too expensive. 

The article below is not by me, its by basis, but I found these suggestions super useful - particularly letting them earn it, and talking to them about savings. I do that often myself. 

I also find that games like monopoly help them understand money a little better. 

Hope you enjoy the read.

More to come!

TKV

 

5 things you can do to teach your children about money

by Team Basis

Warren Buffett bought his first stock when he was eleven years old from the money he earned. Richard Branson credits his sense of entrepreneurship to his spirited mother Eve Branson, who instilled a strong sense of money management in his childhood.

From the famed investors to those around you, the people who are most confident about money are those who have had a strong financial foundation in their childhood. Chances are you probably did not learn personal money management in school. Sadly, children in schools today are not learning it either.

Teaching your kids about money is important for them to build healthy financial habits so that they can fuel to their own dreams. Here are some of the ways you can start:

Talk about money

Money is a sensitive topic, sometimes even a taboo. Many parents would like to keep their children away from money worries in childhood and avoid the topic. Even if it is well-intentioned, such actions may end up making them nervous around money life long. Talking about it is the first step to being comfortable around money, especially in perceiving its value. Have calm conversations about purchase or income around kids. This will make them aware of money as an essential need for living and may keep them away from the two extreme approaches to money: fear and disregard.

Let them earn it

This is a good way to teach them the value of money. When your kids are too young to earn pocket money, you can start by giving them additional chores at home. Don’t make it too easy by paying for work that they are already supposed to do such as taking care of their things, or their homework. Find chores that will give them a chance to relate money and work. Older kids could spend a summer working at a friendly neighbourhood store.

Establish the idea of saving before spending

Whether it is a bawling toddler at a mall asking for a toy or an adult unable to resist an expensive purchase, knowing when to control spending is a hard behaviour to learn. The value of inculcating it as a habit from childhood is priceless. Use your child’s pocket money or the money earned from their summer jobs as a start to teach them about savings and spending diligently. Teach them to set a part of their money into savings. Encourage their habit by matching their savings with your contribution. Find out about the cookie jar system that can help you teach them about savings effectively. It could also be a way you can teach them about delayed gratification by using their savings to buy the things they want.

Open a savings account

Saving is a crucial step in learning money management, one of the ways you can formalize this step is to open a savings bank account. Most banks offer the option for a children savings accounts with a variety of features. Some do not have a minimum balance requirement, many offer an ATM card that teenagers can use. Few also offer a chance to use the savings to invest in Recurring Deposits and Insurance. Chose one that works for you and your child and start their money management journey.

Walk the talk

Children never do as they are told but do as you do. As a parent, you have heard it and experienced it as well. It is a chance to re-look at your own relationship with money. Build an environment at home where money matters are discussed freely and let them observe you living out above pointers. As a quote by Benjamin Franklin rightly goes, “Tell me and I may forget, teach me and I may remember, involve me and I learn“. It is all about involving, indulging and inculcating money values in the right manner so that your children grow up to be empowered adults making confident choices about their finances.

This article was originally featured on Basis. Basis is a community and content-driven platform with a focus on women’s financial lives. Join our Facebook community to connect with other financially independent women. Download the Basis app to learn about money management, and to make investments.

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9 ways to indulge in self-care without burning a hole in your pocket

Hi Moms, 

As the holidays approach, we tend to focus more on our kids, specially since they will be home from school (for the ones old enough to be in school). But we often miss out ourselves, and we need and deserve a break too!

I've teamed up with a financial page and app, Basis to help you get some much needed answers like easy ways to take care of yourselves and ways to teach kids about finances. (There's a quick IGTV video about this on my Insta too!) 

These articles are fun and easy to read, so stay tuned for more and I hope you enjoy the read

More to come

TKV

 

9 ways to indulge in self-care without burning a hole in your pocket

 by Team Basis

If we go back to the basics, restoring our inner balance and well-being doesn’t have to be a drain on our energy and finances.

These days, self-care is accompanied by images of the perfect shade of lipstick or that new workout that zaps cellulite. When did something as introspective and personal as self-care become Insta fodder? It has a lot to do with the ambiguity around what self-care means. This definition sums it up nicely – It’s the practice of taking an active role in protecting one’s own well-being and happiness, in particular during periods of stress.

Unfortunately, most of us are following Urban Dictionary’s tongue-in-cheek definition: Self-care is an umbrella term that has more benefit for the sellers than individuals.

What was intended to restore balance has been pivoted into something superficial and commercial that often leaves us feeling inadequate. So, if your feel-good activity is retail therapy or a spa date, here are some basic (and inexpensive) changes that will make you feel as good as new.

1) Change your relationship with food:

Yo-yo dieting,(a cyclical loss and gain of weight) is bad for heart health, and not helpful in losing weight either. Instead of tucking into expensive new superfoods and spending a fortune on trendy diets, maybe we owe it to ourselves to stop looking at food as an enemy and associate with it in a more wholesome and sustainable way.

2) Take a long-term approach to fitness:

Fitness fads (and expensive gym memberships) will come and go, so it’s time to find a workout that helps us stay healthy and active in the long run. Walking or jogging in the park is a good start.

3) Revive a childhood hobby:

Remember doing something just for the joy of it, without fear of judgement or the pursuit of perfection? Tap into that feeling more often, because adulting is hard enough as it is.

 

4) Sort yourself out financially:

Setting up an emergency fund can make us less nervous about the future while cutting down on unnecessary lifestyle expenses helps us save for more meaningful experiences.

5) Give social media a rest:

Although we millennials are hyper-connected, we’ve often labelled ‘the loneliest generation’. Plus, scrolling through picture-perfect feeds make us feel less than perfect, driving us to spend more on things we don’t need.

6) Give yourself some rest:

The body heals itself during a normal sleep cycle. When we get enough shut-eye, we eat healthier, are more active and alert, are happier, and make better decisions. What’s not to like?

7) Be still:

With a million things on our minds, it’s no wonder we’re always restless. Sitting down for five minutes and focussing on our breathing (and meditating, if you like) helps renew focus while helping us feel better equipped to cope with whatever’s on our schedule.

8) Connect with a loved one:

We play up different parts of our personalities in different situations, and sometimes, we just want to be loved for who we really are. There’s nothing like a good time with friends and family to make us feel whole again.

9) Declutter:

That goes for everything from old clothes in your closet and things that have been piling up on your to-do list. Freeing up space has a liberating effect. Here’s some inspiration from Marie Kondo to get started.

https://www.youtube.com/watch?time_continue=7&v=txitE3-QqWY

Money is essential to many things in life; working in the finance industry and powering personal finance for women through Basis shows me that every day. Yet, I’ve also learnt that to thrive, we don’t need to stretch beyond our means. All we have to do is start with what we already have.



This article was originally featured on Basis. Basis is a community and content-driven platform with a focus on women’s financial lives. Join our Facebook community to connect with other financially independent women. Download the Basis app to learn about money management, and to make investments.

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