Piggy Bank

Growing up I was taught: “Value of money changes with time”. This statement was too difficult to understand then because I thought ₹100/- will always remain as ₹100/- so what does value mean? Back then, it was only a thought and did not affect much because this was introduced as part of a chapter in economics in high school. We all studied to score marks and never related any concept to our living. The family I grew up never believed in the concept of pocket money or piggy bank. So money was something which my father earned, mother valued his hard work  and I am their daughter who will be given everything they think is my need.

Today when I am a mother, I feel it is important to introduce the value of money early in childhood. I was never told “No” to anything I ask but my mother also tells me now that I was never a demanding child. My mother and me were very closely connected because she always treated me like her companion more than a small kid. So I knew my limitations and also I knew that the money we had was not split into individual share where you could spend it on something which only you want. I never got pocket money to buy something on my own or to save it and be happy about “oh! I have so much cash with me and I can do anything I want”. I was always told, ask us what you want, and we will buy that for you. Even after I started my first job, I was given money to ensure I had enough cash to reach back home safely if there was any unexpected situation. The unusual part here is I never felt the need to have money with me which I thought can be spent with my wish and not being answerable to anyone.

Present generation is much advanced. They want their space, freedom, financial independence and want to be allowed to make their choices because it is “MY LIFE”. As a kid, their pocket money is very important part of their life. Parents ensure to always be their Santa Claus but still their pocket money will always have a wish list attached to it. Irrespective of the amount a child is given as pocket money, parents end up saying “buy what you want”. Think over this statement again. Don’t you give your kids everything they want? Along with various other values and principles, we have to teach our kids to manage their finance which is a very important aspect of life.

Have you ever asked your kid to buy something for you with his/her pocket money(piggy bank)? Most of you reading this will think, why am I asking such a foolish question? “It is my money, I gave it to my child and if I want something, I will buy on my own. Why should my kid spend his/her pocket money on me”? Money plays a pivotal role in everyone’s life. As parents it is our prime responsibility to teach our kids how to value it. We give them money and they are very happy receiving it. When we give them, it makes us happy too, but have you taught them to feel the happiness of giving?

Kids learn observing their elders’ actions much faster than by listening to what they are told to do. They learn that parents give everything to kids but don’t expect or take anything back from them. So, when these kids become adults, they start planning on how to give everything to their kids and the series of giving continues.

My daughter also gets pocket money but that is given to her only if she does her assigned duties completely. She calls that as her salary 😊. If she misses doing any work assigned, her salary is deducted and if she wants more money, she will take extra work that month. This helps her understand that the money coming to her piggy bank is not just because she is a kid and her parents love her. Also, she is not told to buy what she wants when that is given to her. She enjoyed collecting that and counting it every time her parents or grandparents gave her money. It was a fun collection until she started valuing it. One day she told us that she wanted to gift us something for our anniversary. It was a very proud moment and as parents we were happy to hear that. With online shopping in our fingertips, we helped her search something which she can gift, decided on the budget and since she only had cash, we paid online but took that amount from her. She was happy to spend her pocket money to buy for her parents. The gift makes her happy every time she sees us using it.

When I told this to my mother, she was not very happy because we tend to think how can you take kid’s money? But I believe giving should be part of growing and that should not be limited to only sharing chocolate and toys. When we go to a birthday party, kids give gift wrapped boxes. But the money is spent by parents. Thought behind the gift is that of elders. The joy of giving and receiving is just for a fraction of a second. Make that joy count. Ask your kids to give you gifts on your special days and help them plan a budget and give a thought about your likes and dislikes. Now, when a birthday or anniversary comes in our family, my daughter will start thinking what can she gift mamma and daa this time? How much can I spend? Will this make them happy? Making kids give something to parents helps them to develop their feelings towards them. The thought of their total balance going down because of buying a gift definitely might make them sad but in the long run it will help them value the value of giving and also they will respect everything they get.

My mother initially gave the money back to her granddaughter because she felt very uncomfortable to receive a gift from a 12-year-old kid. She says “your love is more than enough”. But later she did understand it is important to teach kids to give, spend, value and enjoy the joy of seeing someone else smile because of you.

Piggy Bank is not just a place to collect coins and save money. It is a treasure of life lessons which should teach us to plan on how to bring a smile to our loved ones, how to spend money by ensuring our present is bright while our future also stays brighter. My mother always tells me, parents should give to their kids, and we never expect anything in return other than your love, care and concern. But in-order to maintain a balance in any relationship, when kids learn to take, they should also learn to give. Love, care and concern are shared, but when it comes to materialistic sharing, always learn the barter system with a pinch of love.

Teach your kids to value their piggy bank and also show them that you too have a piggy bank to which they should contribute too. When parents give, kids are taught to take with pleasure. Its time for parents to learn to accept what kids give and guide them to think that they too can give.