This is how my son started saving money instead of spending it!
By Madhurie Singh, March 20, 2019
An idea can change habits and attitude. A few years back my son started getting his pocket money. He would be eager to spend the entire money asap. I was worried that he will not value money and the hard work. So one day I told him that the day his pocket money saved becomes 10000 I will double it for him.
Suddenly his spending stopped. He stopped going to his friends for useless outings. He stopped travelling by auto to his friends. Movies and parties stopped.
All money gifted by relatives were saved by him!
I thought this was due to pressure of board exams.
But there is no pressure in my family about board exam, then what could be the change?
Last month he told me that he has saved 10K and now I have to double it up!
I am pleasantly surprise and filled with immense pride for this young man.
He has agreed to get his account instead of cash which he plans to invest in stocks!
My younger son is motivated too that when he starts getting his pocket money, he too will start investing. Fingers crossed.
Parenting can not be a one blanket solution for all. We all have to keep on trying ways to find solutions for our own children.