Spandan Lama Mocktan
Chief Business Officer, Eleven11, Moktan Investments, OBG
Raising financially smart kids is one of the most valuable gifts you can give them for their future. While I don’t come from a business family or old money, I have learned the importance of financial literacy through life experience. These lessons are essential for surviving and thriving in a competitive world.
Teaching children to respect and value money starts with helping them understand that money is earned through effort and time. Encourage them to save a portion of any allowance or gift money they receive, teaching the concept of delayed gratification. Open a savings account for them and involve them in managing it, so they can see how money grows with discipline and patience. Teach the importance of budgeting by involving them in family financial decisions, like grocery shopping or planning vacations within a budget. Help them set financial goals, whether it’s saving for a toy, a trip, or even college, so they can experience the satisfaction of achieving those goals. Lastly, instil in them the principle that their network is their net worth. Teach them the value of building meaningful relationships and learning from others.
Financial wisdom isn’t just about managing money; it’s about creating opportunities through connections and knowledge. By instilling these habits early, it helps the child up for a lifetime of financial confidence and success.
Anendra Dhoj Joshi
Managing Director, Elephant & Castle
As a parent of a 21-month-old, I often think about how I can prepare her for a life where money isn’t a source of constant stress. It’s funny, isn’t it? She’s barely out of diapers but we might need to feed these big lessons into her tiny world. Right now, it’s as simple as teaching her that she can’t have every toy on the shelf or showing her how putting coins into her piggy bank can be exciting. Even though she doesn’t fully understand, these moments are about planting seeds – about building a mindset where she learns to value, rather than mindlessly chase, what she has.
It’s not about numbers yet; it’s about values. Sharing, waiting, and understanding that sometimes it’s okay to let go of something for something better later.
I have spent too many years as an adult learning to budget and save the hard way. If I can save her even a bit of that struggle, I’ll feel like I have done my job. I know these little steps will grow with her, shaping her perspective. I hope that one day, she’ll not just manage her money but use it wisely to create a life she truly loves.
Dr Pranav Joshi
Veterinarian
I am making an effort to teach my kids the value of writing, especially as society becomes increasingly paperless and people seem to have forgotten the use of pens and pencils. I emphasise this because I have studied graphology and understand how hand movements and muscle coordination significantly impact brain development. To instil this habit, I teach my kids calligraphy; a skill they may not fully appreciate now but one that introduces them to creative ways of writing alphabets, drawing lines, and refining their motor skills. To motivate them, I reward their efforts by paying them a hundred rupees upon completing their tasks. Once a month, I take them out for an outing where they are free to purchase anything they want without restrictions. During these moments, they feel a sense of pride because they are using their hard-earned money to buy things they desire. This practice not only instils a habit of saving and earning but also helps them understand the value of money from an early age.
Nayapal B. Pandé
Credit Manager, Nepal Investment Mega Bank
The example parents set for their children by their own actions and purchasing and spending habits is key to being financially conscious. Second, being financially smart is also not about just “money,” but also the values behind the purchasing decisions: do parents set examples or are they the cause of their children being financially irresponsible in the future? Monkey see, monkey do, and so the saying goes; children follow actions, and it is important to ensure parents set examples as children imitate what they see. My daughter is almost three and she imitates us and our actions effortlessly. You as parents repair things, clothes, accessories, phones, or even cars, or do you as parents just throw things away and ‘buy new’?
We can teach children the importance of savings and buying what they need, not spending money on frivolous things, and give examples of play work ethics. If children do not see it in action, they will not follow. It is important to set an example for children from an early age. Parents who set good examples in financial and social responsibilities will automatically be teaching their children to be financially smart.
When I was 11, I remember saving money over many a month to buy my laptop; even loaning money with interest to my mother who could not go to the bank to withdraw at the time. I cannot express the confidence boost in my ability to do things than when I bought that HP Compact Presario 1200. As a parent myself now, I realise how important it is to not give your children everything that they want that you can! Children must be made to realise’ the value of money and that money is a tool to be utilised and not an end in itself.
Children must be taught about bartering and how to save and invest, all in the process of teaching children how to leverage money to utilise it more effectively for themselves. All parents do it differently. For Sitara and Suryaye, we have opened a savings account and broking account where a small amount is invested monthly into Systematic Investment Funds (SIP) at NIMB Ace Capital, which will accumulate for them over time. When they are teenagers, Ashlesha and I plan on co-contributing things that they want and assist them in making comparative decisions on purchasing or investing. ‘We are only new parents; let me get back to you in a couple of years… to tell you how our plan is going!
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