Little savers in the making!

Our culture is full of many tradition and belief. One tradition that is very popular among kids is to touch the elders feet. It is a way to show respect, but at the same time it is a way to earn some money in return. This is age old tradition which are still prevalent in many parts ofnour country. I remember , it used to be good source of getting money. The amount may vary from penny to rupees. I used to accumulate and spend on snacks and chips. But later I realised and learn to save them for aome meaningful things.

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The tradition of offering money or a shagun (gift) after touching the pair of feet holds special significance in Indian culture. This tradition signifies blessings, affection, and respect. When the younger ones touch the feet of the elders, then giving shagun or money by the elders is a kind of blessing. In our childhood, it used to be our only source of allowances whenever any elder visit our home, we used to touch their expecting some income. My Dad taught me the important lesson of utilising the money in a meaningful way. He taught me the importance of depositing this money in their piggy bank so that we can buy something big later. It was helpful lesson that help me grow as an individual. In our childhood, we does not get the any allowance to these gifts of money used to be our only source. From spending on unnecessary things to learning the importance of finances. Those small monetory allowance amount give us good financial insight.

Teaching them that money is a tool, not just magic

In eaelier times, the kids were not exposed to money at many families. There was a general belief that giving money to kids may spoil them as they spend on useless items. The kids were asked to focus on studies only and all the need and other requirement were fulfilled by our parents. While some parents believe allowances can cause dependency, it is widely considered an effective tool if used to teach, rather than just pay for, behavior. Giving kids an allowance is a highly recommended practice for teaching financial responsibility, budgeting, and the value of money. It is best introduced around ages 3 to 6 and used to teach saving, spending, and planning. While some use it to reward chores, studies suggest separating allowance from basic household duties to foster responsibility.

In good faith - Peace!!