;DThere is no tree that produces money(in my mother's voice).u work to get money and it should be spent wisely.this is the knowlege we have and it is also very imprtant to pass that knowledge on to our children.u dnt have to wait till they grow up.. Naturally a kid will always be a kid ..children love goodies..they always want to spend that litle moneybeen given to them on sweets,biscuits,etc..nobody is exceptional I actually did it too..I loved lollie swts..can even kill for it back then..mum actually beat me up sometime because of it..anyways back to the business of the day..I thought about a simple and careful way of tteaching a child the values of money and then I came up with this..
If ur child keeps getting monetary favours)all u need do is that for everytime money is been given to the child by a visitor.,collect the money from the child..yes this is the part our parents love the most*smiles* I actually meant collect the money but don't ever use it for ur own affairs.no matter how litle the money is,invest the money on something visible the child can see..it could be a book,or something else..u know ur child better and what his\her interest re.u can start by saying;son/daughter ,this is what I got for you with that money I collected from u or with the money uncle dz or aunt dt gave u.this way u re simply teaching the child the values of money and indirectly also teaching the child how to save..pls pls pls dnt ever let ur child spend money on buscuits,sweets,chocolates,chewing gum,lolly pops..I even suggest u rather have those things at home if ur child likes taking them..thank me later..

@op: you've said a lot, without really saying anything.

Tell me though, will this simplistic view of yours work with teenagers? If not, why not?

The way my parents taught us to value money was by not dishing it out freely. Each money had to be earned. Growing up I thought my parents were mean but now I'm coming to appreciate their lessons. Then if you told my dad you needed 10000 for a project he would ask you how much you have been able to save. You don't have to have saved much sef. Saving even 500 naira out of the money meant the world to him and he would give you the rest speedily and boast about you through-out that day.

My dad was a banker and then I didn't understand because I used to think bankers could just walk into a bank and pack money. Now I understand better and his lessons are forever stored in my heart.

EfemenaXY: @op: you've said a lot, without really saying anything.

Tell me though, will this simplistic view of yours work with teenagers? If not, why not?

Efe, long time!
@op, personally, i believe it's the parent's responsibility to buy whatever your child needs, be it books, clothe and so on with their money, not with the kids' monetary gifts. Therefore, i will rather advise that parents open account for their kids and anytime the child receives any monetary gift, the money should be deposited in the account, when it is deposited, show the passbook to the child that his/her money has increase with so-so amount given to him/her by aunty/uncle something, that would be a motivation for the child to want to save and increase the amount in his account each time he has monetary gift.


@Efe, with teenagers, if this had been in practise since childhood, he/she would have got used to it.



@all,
If there're other ways to teach our children the value of money, please, let's drop it/them, we are all here to learn from one another.
May God help us all.

@ , longest time dear. How are you, Oga, the little soldiers and their cousins? Kudos to you babes. You are indeed a solid rock in your family

Re: kids and teenagers, I beg to differ, especially for the older ones.

The problem with most Nigerian parents is that they're too controlling and not trusting -especially with financial matters and relationships with the opposite sex.

There comes a point in time where we have to "let go". Rather than do so overnight (which can be overwhelming), it's best to start gradually. Start the pace by talking to your child about money from a young age. As they get older and wiser, take your talks & lessons about money one step higher. Introduce them to handling money.

Start with smaller tasks like asking them to purchase things from your local shop so they understand the concept of handling money, as per buying, calculating change, etc. Start off by being there with them. Then as they get older, let them do it themselves. Gradually 'up' the requests as they get more confident in their abilities.

Talk to them about the importance of prioritizing and budgeting. Then put this in practice by giving them real-life scenario problems where they have to make choices with limited funds. A practical example is asking your child something like this: I'm a student at Uni, far away from home. After paying off my essential bills, I'm left with just £10 for feeding. Do I go into my local Chicken & Chips shop to purchase a single meal costing £5.00? Or do I go to the nearby market to purchase ingredients for rice & stew (including a box of drumsticks) totalling £7.00 - which would last me for a whole week?

***Mothers, teach your sons how to cook!***

Also trusting your teenager to make the right decision is something I find many Nigerian parents lack. Rather than shout, yell, hail fire and brimstone at them for overspending or wanting to indulge in the latest fads in town, give them some money to purchase what they need, as opposed to what they want, with the understanding that they'll have to live with their choice.

Encourage your teenager to draft a monthly budget of their essentials. Trust me, when they see their budgeted list in black-and-white on paper / screen, that money given to them suddenly doesn't seem so much and will most certainly curb any spending spree they might have been contemplating.

Make sure they have their own bank accounts to manage their funds, but most importantly, instill the concept of "actions and consequences". It's okay to make mistakes as we learn from them, but what better way for your kids to make them, if not from the safety net at home?

It's best to always remember that teenagers are "mini adults" and should be treated accordingly with guidance, respect, and love.

Nice write up.@ ur last sentence, But y shd i av packet of sweet,biscuit at home Wont dat make it eazy to get for them. If dey want biscuit let dem go n buy it,i think buying it will be more moderate . Buy packet of biscuit at home for ur children nt only at ur own peril but also dat of d children too n dey will finish it within 3 or 4 days. Dis small kids dont send anyone

EfemenaXY: @ , longest time dear. How are you, Oga, the little soldiers and their cousins? Kudos to you babes. You are indeed a solid rock in your family

Re: kids and teenagers, I beg to differ, especially for the older ones.

The problem with most Nigerian parents is that they're too controlling and not trusting -especially with financial matters and relationships with the opposite sex.

There comes a point in time where we have to "let go". Rather than do so overnight (which can be overwhelming), it's best to start gradually. Start the pace by talking to your child about money from a young age. As they get older and wiser, take your talks & lessons about money one step higher. Introduce them to handling money.

Start with smaller tasks like asking them to purchase things from your local shop so they understand the concept of handling money, as per buying, calculating change, etc. Start off by being there with them. Then as they get older, let them do it themselves. Gradually 'up' the requests as they get more confident in their abilities.

Talk to them about the importance of prioritizing and budgeting. Then put this in practice by giving them real-life scenario problems where they have to make choices with limited funds. A practical example is asking your child something like this: I'm a student at Uni, far away from home. After paying off my essential bills, I'm left with just £10 for feeding. Do I go into my local Chicken & Chips shop to purchase a single meal costing £5.00? Or do I go to the nearby market to purchase ingredients for rice & stew (including a box of drumsticks) totalling £7.00 - which would last me for a whole week?

***Mothers, teach your sons how to cook!***

Also trusting your teenager to make the right decision is something I find many Nigerian parents lack. Rather than shout, yell, hail fire and brimstone at them for overspending or wanting to indulge in the latest fads in town, give them some money to purchase what they need, as opposed to what they want, with the understanding that they'll have to live with their choice.

Encourage your teenager to draft a monthly budget of their essentials. Trust me, when they see their budgeted list in black-and-white on paper / screen, that money given to them suddenly doesn't seem so much and will most certainly curb any spending spree they might have been contemplating.

Make sure they have their own bank accounts to manage their funds, but most importantly, instill the concept of "actions and consequences". It's okay to make mistakes as we learn from them, but what better way for your kids to make them, if not from the safety net at home?

It's best to always remember that teenagers are "mini adults" and should be treated accordingly with guidance, respect, and love.

We are all fine dear, the children and their cousins are doing wonderfully well, thank for the compliment ma, regards to you and yours too ma.






Very well and insightfully written, this is suppose to be the essence of belonging to a forum; learning from one another, i definately have learnt from your post and so will others learn one or more things too...................not throwing tantrums around on forums.

Thanks very much and may God increase your wisdom and all of us.

greatgod2012:


We are all fine dear, the children and their cousins are doing wonderfully well, thank for the compliment ma, regards to you and yours too ma.

Very well and insightfully written, this is suppose to be the essence of belonging to a forum; learning from one another, i definately have learnt from your post and so will others learn one or more things too...................not throwing tantrums around on forums.

Thanks very much and may God increase your wisdom and all of us.

Amen!

Learning...

EfemenaXY: @ , longest time dear. How are you, Oga, the little soldiers and their cousins? Kudos to you babes. You are indeed a solid rock in your family

Re: kids and teenagers, I beg to differ, especially for the older ones.

The problem with most Nigerian parents is that they're too controlling and not trusting -especially with financial matters and relationships with the opposite sex.

There comes a point in time where we have to "let go". Rather than do so overnight (which can be overwhelming), it's best to start gradually. Start the pace by talking to your child about money from a young age. As they get older and wiser, take your talks & lessons about money one step higher. Introduce them to handling money.

Start with smaller tasks like asking them to purchase things from your local shop so they understand the concept of handling money, as per buying, calculating change, etc. Start off by being there with them. Then as they get older, let them do it themselves. Gradually 'up' the requests as they get more confident in their abilities.

Talk to them about the importance of prioritizing and budgeting. Then put this in practice by giving them real-life scenario problems where they have to make choices with limited funds. A practical example is asking your child something like this: I'm a student at Uni, far away from home. After paying off my essential bills, I'm left with just £10 for feeding. Do I go into my local Chicken & Chips shop to purchase a single meal costing £5.00? Or do I go to the nearby market to purchase ingredients for rice & stew (including a box of drumsticks) totalling £7.00 - which would last me for a whole week?

***Mothers, teach your sons how to cook!***

Also trusting your teenager to make the right decision is something I find many Nigerian parents lack. Rather than shout, yell, hail fire and brimstone at them for overspending or wanting to indulge in the latest fads in town, give them some money to purchase what they need, as opposed to what they want, with the understanding that they'll have to live with their choice.

Encourage your teenager to draft a monthly budget of their essentials. Trust me, when they see their budgeted list in black-and-white on paper / screen, that money given to them suddenly doesn't seem so much and will most certainly curb any spending spree they might have been contemplating.

Make sure they have their own bank accounts to manage their funds, but most importantly, instill the concept of "actions and consequences". It's okay to make mistakes as we learn from them, but what better way for your kids to make them, if not from the safety net at home?

It's best to always remember that teenagers are "mini adults" and should be treated accordingly with guidance, respect, and love.

nice one..

Haywhymido: Nice write up.@ ur last sentence, But y shd i av packet of sweet,biscuit at home Wont dat make it eazy to get for them. If dey want biscuit let dem go n buy it,i think buying it will be more moderate . Buy packet of biscuit at home for ur children nt only at ur own peril but also dat of d children too n dey will finish it within 3 or 4 days. Dis small kids dont send anyone

..exactly why u need to train the child to respect when you say touch and don't touch..dnt u think so?

greatgod2012:


Efe, long time!
@op, personally, i believe it's the parent's responsibility to buy whatever your child needs, be it books, clothe and so on with their money, not with the kids' monetary gifts. Therefore, i will rather advise that parents open account for their kids and anytime the child receives any monetary gift, the money should be deposited in the account, when it is deposited, show the passbook to the child that his/her money has increase with so-so amount given to him/her by aunty/uncle something, that would be a motivation for the child to want to save and increase the amount in his account each time he has monetary gift.


@Efe, with teenagers, if this had been in practise since childhood, he/she would have got used to it.



@all,
If there're other ways to teach our children the value of money, please, let's drop it/them, we are all here to learn from one another.
May God help us all.

well said.we r all here to learn..I apreciate ur own opinion

@haywhymido..the answer to ur question as to why u need to buy packets of busicuit and d rest to keep at home is just vry simple..when u have children at home its advicable to have this things in bulk..at least it wil reduce that of buying it one by one..it reduces cost naa..ur child can always take them to school and also consume them at home..its not rily complusory though.there re people who r vry much comfortable with daily expenses..

nomabeeee: ..exactly why u need to train the child to respect when you say touch and don't touch..dnt u think so?

u talk as if u av never been a child, so u expect d child to always do what u say, obedient or nt children will never always obey dia parent. It jst av to be minimal sha

Haywhymido: u talk as if u av never been a child, so u expect d child to always do what u say, obedient or nt children will never always obey dia parent. It jst av to be minimal sha

anyway I understand ur point shaa