The Art of Saving!
Arpita Pawan | On 04, Apr 2019
We’re living in a generation where the dollar has a very significant role to play. It is not just about us; it is about our kids too. The time has come when our kids should understand the importance of the dollar and how a saving habit can help them do better in their life. If we look around, plastic money and digital wallets have become significantly important. This transition is a major risk for everyone who wants their kids to understand the value of the dollar.
Our kids are smart kids. The early access to technology, social media and other digital accessories have become an integral part of their life. They have been constantly influenced by the known and unknown people they come across in the real and virtual world. Hence, it is a significant challenge for parents and schools to help them understand the real value of the dollar.
When it comes to the dollar, parents need to understand that they need to work closely with schools to help their kids. They, both, have a bigger role to play in shaping up the mindset of their kids towards the dollar. As kids grow up, they get exposed to different technologies, applications and skills that can help them earn money. However, it is the role of parents and schools to make them understand saving importance too. During their childhood, kids get more influenced by their peers. Hence, it needs to be a collective effort that parents, and schools need to undertake.
The Role of Parents and Schools
It would be interesting to see how schools can contribute to the art of saving for their kids. There are schools who run different programmes to help their kids understand the significance of the dollar in the simplest possible way. The Northern Beaches Christian School in Sydney has a dedicated stationary budget system. Under this system, at the beginning of the year, the students are provided with the materials upfront. Some part of that money is charged to their parents, and at the beginning of each semester, the school gives each student $10 to replace an item, which they have lost or run out. Also, if any money is left, they can spend the same in school canteen.
Such systems are very much helpful for the students to understand the value of money and budgeting. The school environment is very much different from the home environment. At home, students get pampered for their mistakes and they can directly ask their parents for the things they want. However, in schools, they must be on their own. There is a sense of responsibility and understanding. Hence, they must behave in a responsible manner.
Such discipline and maturity make kids prepare for future challenges and make them aware of the real value of the money. Also, these systems are very much significant for kids to help them to make the right choices based on life priorities. It is very much important for us to define our life priorities and plan our budgeting according to these priorities.