Papa Ni kuutha Pagala Denganu

The first thing you need to know as a parent is that the best way of teaching your child about money is leading by example. There are better chances of your child learning good financial habits when he sees you practicing them, rather than you telling him or her what these habits are. Better still if he goes through this himself, as his understanding will be far better through experiential learning.

Whether there are money constraints or not, you still need to tell your child that these constraints exist. More importantly you need to show this by not buying anything and everything that he asks for, irrespective of your being able to afford it or not. Not only that, you need to exercise restraint when it comes to spending money on something that you want. It could be a movie starring your favourite actor that you skip watching on screen stating that it is too expensive an outing and you will instead watch it on TV when it will be telecast in a few months.