A research conducted by a team of psychologists found that children who learnt the concept of delayed gratification were more likely to be successful as adults. So what exactly is ‘delayed gratification?’ It is the ability to identify, distinguish and choose long terms gains as compared to short term happiness. For example, if you keep a box of chocolates in front of your child, and they choose to eat one chocolate a day or save the box for their birthday next week, they know the concept of delayed gratification. They know they could be happy everyday eating a single chocolate as compared to finishing all today and having none tomorrow.
Here are a few ways in which you can teach your child about the importance of money:
- Buy a piggy bank: Buying a piggy bank is one of the oldest yet effective ways in which you can teach your child the concept of money. Sit them down and tell them that any money they receive, they can choose to save in the bank and at the end of a certain time period that the two of you decide, they can buy any toy/chocolate they want with the amount they have collected.
- Tell them about saving: If you have allotted a certain amount of money as pocket money for your child, sit them down and talk to them about how if they save a certain amount this month, they will have more money next month even though you will give them the same amount of pocket money.
- Donate to an NGO: In case you want to cause some good karma along with teaching your child empathy and the value of money, make them set aside some money till you reach a desirable amount.
- Say NO: Saying no helps prepare your child to grow up and make ends meet for themselves, sometimes having to sacrifice somethings in order to gain more important things.
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