{"id":18451,"date":"2022-11-15T00:37:23","date_gmt":"2022-11-14T19:07:23","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=18451"},"modified":"2022-11-15T12:43:02","modified_gmt":"2022-11-15T07:13:02","slug":"parenting-tips-to-raise-your-kids-to-become-financially-responsible","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/parenting-tips-to-raise-your-kids-to-become-financially-responsible\/","title":{"rendered":"Parenting tips to raise your kids to become financially responsible"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69d7813dcdc24\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69d7813dcdc24\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/parenting-tips-to-raise-your-kids-to-become-financially-responsible\/#1_Be_open_about_financial_conversations\" title=\"1. Be open about financial conversations\">1. Be open about financial conversations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/parenting-tips-to-raise-your-kids-to-become-financially-responsible\/#2_Let_them_manage_their_shopping\" title=\"2. Let them manage their shopping\">2. Let them manage their shopping<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/parenting-tips-to-raise-your-kids-to-become-financially-responsible\/#3_Introduce_the_concept_of_savings_spending_and_goals\" title=\"3. Introduce the concept of savings, spending, and goals\">3. Introduce the concept of savings, spending, and goals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/parenting-tips-to-raise-your-kids-to-become-financially-responsible\/#4_Use_the_right_words_when_talking_about_finances\" title=\"4. Use the right words when talking about finances\u00a0\">4. Use the right words when talking about finances\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/kuvera.in\/blog\/parenting-tips-to-raise-your-kids-to-become-financially-responsible\/#5_Teach_them_the_basics_of_compounding_and_investing\" title=\"5. Teach them the basics of compounding and investing\">5. Teach them the basics of compounding and investing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/kuvera.in\/blog\/parenting-tips-to-raise-your-kids-to-become-financially-responsible\/#6_Promote_entrepreneurial_behavior\" title=\"6. Promote entrepreneurial behavior\u00a0\">6. Promote entrepreneurial behavior\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<p>According to a recent study done by a teen-centric pocket money app, 96% of Indian parents feel that their kids lack the basic money management skills required to navigate the real world.<\/p>\n<p>At the same time, the survey also found that more and more kids are keen on learning about money management and financial advancement, especially with the arrival of fascinating concepts of blockchain and cryptocurrency.<\/p>\n<p>&nbsp;<\/p>\n<p>With so many new ways to learn, some reliable while others not so much; it has become easier than ever to ensure that your kids understand the importance of financial responsibility and long-term financially wise decisions.<\/p>\n<p>&nbsp;<\/p>\n<p>But as hard as it is, teaching a child to be financially literate and financially wise is a parent\u2019s responsibility, one that if not done properly can lead to dire consequences in the future. So here are a few ways you can set the grounds for your child&#8217;s financial future:<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"1_Be_open_about_financial_conversations\"><\/span><b>1. Be open about financial conversations<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Growing up as a part of Indian culture, financial conversations are always excluded from the children of the house. Even though the intent is pure, it doesn&#8217;t do them any good in the future.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s true to a certain extent that children should not feel burdened by financial difficulties and it is the job of adults to handle that. But they must be aware of the financial situation at all points.<\/span><\/p>\n<p>&nbsp;<\/p>\n<figure id=\"attachment_18466\" aria-describedby=\"caption-attachment-18466\" style=\"width: 400px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" class=\"wp-image-18466\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/gettyimages-1334683017-612x612-1-300x214.jpg\" alt=\"\" width=\"400\" height=\"286\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/gettyimages-1334683017-612x612-1-300x214.jpg 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/gettyimages-1334683017-612x612-1-150x107.jpg 150w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/gettyimages-1334683017-612x612-1.jpg 612w\" sizes=\"(max-width: 400px) 100vw, 400px\" \/><figcaption id=\"caption-attachment-18466\" class=\"wp-caption-text\">\u00a0<\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Shielding your kids from real-world conversations will prevent them from understanding the real world. Be open about financial conversations that happen in the house, include them wherever necessary, and take their opinion to understand their perspective of things.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">This way you can arm them with the knowledge and confidence to handle difficult situations which they will eventually encounter at least once in their life. <\/span><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/kuvera.in\/fixed-deposit\/all\"><img loading=\"lazy\" class=\"alignnone wp-image-18453\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/WhatsApp-Image-2022-11-12-at-11.45.23-AM-1-300x100.jpeg\" alt=\"\" width=\"400\" height=\"133\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/WhatsApp-Image-2022-11-12-at-11.45.23-AM-1-300x100.jpeg 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/WhatsApp-Image-2022-11-12-at-11.45.23-AM-1-150x50.jpeg 150w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/WhatsApp-Image-2022-11-12-at-11.45.23-AM-1.jpeg 600w\" sizes=\"(max-width: 400px) 100vw, 400px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"2_Let_them_manage_their_shopping\"><\/span><b>2. Let them manage their shopping<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">When your kids are little and accompany you shopping, they will want something, maybe a chocolate or a toy or anything that has caught their attention. Most parents will get them the items that they can and if something is out of budget, they will say no and then start the tears, often followed by tantrums.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" class=\"alignnone wp-image-18249\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/pexels-anna-pou-9345625-min-300x200.jpg\" alt=\"parenting tips\" width=\"400\" height=\"267\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/pexels-anna-pou-9345625-min-300x200.jpg 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/pexels-anna-pou-9345625-min-1024x683.jpg 1024w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/pexels-anna-pou-9345625-min-768x512.jpg 768w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/pexels-anna-pou-9345625-min-1536x1024.jpg 1536w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/pexels-anna-pou-9345625-min-2048x1365.jpg 2048w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/pexels-anna-pou-9345625-min-150x100.jpg 150w\" sizes=\"(max-width: 400px) 100vw, 400px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">There is a very easy way to avoid this while teaching them how to budget. Whenever they come with you to shop, give them a small amount and ask them to buy whatever they can with that. They will automatically start prioritizing their needs.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">If you keep doing this as they grow old, they will eventually understand their needs, wants, and desires. Making them in charge of their shopping, and allotting a budget is the simplest way to make them financially responsible from a young age.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"3_Introduce_the_concept_of_savings_spending_and_goals\"><\/span><b>3. Introduce the concept of savings, spending, and goals<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><img loading=\"lazy\" class=\"alignnone wp-image-16899\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/09\/Untitled-design-3-300x232.jpg\" alt=\"financial goals\" width=\"400\" height=\"309\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/09\/Untitled-design-3-300x232.jpg 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/09\/Untitled-design-3-1024x791.jpg 1024w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/09\/Untitled-design-3-768x593.jpg 768w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/09\/Untitled-design-3-1536x1187.jpg 1536w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/09\/Untitled-design-3-150x116.jpg 150w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/09\/Untitled-design-3.jpg 1650w\" sizes=\"(max-width: 400px) 100vw, 400px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Another concept to talk to them about is want, need, and desire. They need to understand their spending habits as soon as they can. Ask them to make financial goals for things they want and save up for the same. Help them track their spending &amp; encourage them to save as early as possible.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"4_Use_the_right_words_when_talking_about_finances\"><\/span><b>4. Use the right words when talking about finances\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The way we talk about money has a great impact on children\u2019s perception of money and financial matters. When talking about finances, ensure that they understand it is a choice and money does not control us.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Rephrase your words that show responsible financial decisions are an act of choice and something to be proud of;<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u00a0Instead of saying, \u201cWe don\u2019t have money for that\u201d or \u201cThat\u2019s way too expensive\u201d rephrase it to,\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u00a0\u201cWe are prioritizing paying xyz bill\u201d or \u201cWe would consider it if you found a better deal, but currently its value is not worth its price\u201d.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">This means that you have to carefully model financially wise behavior for them to learn from.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"5_Teach_them_the_basics_of_compounding_and_investing\"><\/span><b>5. Teach them the basics of compounding and investing<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" class=\"alignnone wp-image-18464\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/gettyimages-924564646-612x612-1-300x200.jpg\" alt=\"\" width=\"400\" height=\"267\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/gettyimages-924564646-612x612-1-300x200.jpg 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/gettyimages-924564646-612x612-1-150x100.jpg 150w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/gettyimages-924564646-612x612-1.jpg 612w\" sizes=\"(max-width: 400px) 100vw, 400px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Indeed, they will probably learn about compounding in school but for them to understand it in simple terms, you have to be their teacher. The correlation between compounding and investment is something that kids are generally taught poorly in school.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">This is why it\u2019s important to teach them about these small things by yourself. Just teaching them that their money can grow with time if they use it right can also promote smarter financial decisions in the future.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">A well-rounded financial education will put them ahead of their peers.\u00a0\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"6_Promote_entrepreneurial_behavior\"><\/span><b>6. Promote entrepreneurial behavior\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">No, we are not asking you to encourage child labor. But creating the confidence to find unique solutions and pushing them to think out of the box ideas to make money will build creativity and entrepreneurial spirit.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">While tackling small day-to-day difficulties, ask them how they would tackle the issue, provide guidance wherever necessary and reward them whenever they add value to a situation or solve a problem with their ideas or recognize opportunities in unusual circumstances.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The most important thing in the journey of teaching your kids to be financially mature is to allow room for mistakes. Give them the freedom to make their own decisions and make mistakes when the stakes are low, instead of them making the same mistakes in adulthood when the stakes are much higher.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>Read more: <a href=\"https:\/\/kuvera.in\/blog\/category\/zen-and-the-art-of-investing\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Zen And The Art Of Investing<\/strong><\/a><\/p>\n<p>Check out all our &#8220;Investor Education Originals&#8221; videos on Youtube and get smart about investing.<\/p>\n<p>&nbsp;<\/p>\n<div class=\"embed-container\"><iframe src=\"https:\/\/www.youtube.com\/embed\/HAbU5Hs7Xy8\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe><\/div>\n<p>&nbsp;<\/p>\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit <a href=\"https:\/\/kuvera.in\/\"><strong>kuvera.in<\/strong><\/a> to discover <a href=\"https:\/\/kuvera.in\/blog\/direct-plans-better\/\"><strong>Direct Plans<\/strong><\/a> and <strong><a href=\"https:\/\/kuvera.in\/fixed-deposit\/all\">Fixed Deposits<\/a><\/strong> and <a href=\"https:\/\/kuvera.in\/user\/login\"><strong>start investing today.<\/strong><\/a><\/p>\n<p>#MutualFundSahiHai #KuveraSabseSahiHai #PersonalFinance #InvestorEducation;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to a recent study done by a teen-centric pocket money app, 96% of Indian parents feel that their kids lack the basic money management skills required to navigate the real world. At the same time, the survey also found that more and more kids are keen on learning about money management and financial advancement, [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/parenting-tips-to-raise-your-kids-to-become-financially-responsible\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":11,"featured_media":18462,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[106],"tags":[1862,614,1511,1860,1859,1861],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Parenting tips to raise your kids to become financially responsible<\/title>\n<meta name=\"description\" content=\"Here are simple yet effective parenting tips to teach your kids to become financially responsible. 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