Dashain is just around the corner. The longest Hindu festival is celebrated with a lot of prayers and elaborative pujas, family reunions, exchange of gifts and blessings, wishes and blessings, and a lot of dakshinas. Dashain can be a perfect festival where kids can learn about money.
Before Dashain begins, a lot of shopping comes in. New dresses, new shoes and new toys are what kids crave for. This can be a good lesson on making a budget and spending within the budget to children. A lot of times I see parents trying to silence their clingy crying children inside the malls. Children keep crying for that dress or that fancy toy. However, only if parents can provide them a budget and ask them to demand things within that budget back in home, things would be easier. ShareSansar has always encouraged developing good financial habits starts when a person is a kid. Shopping in Dashain can be a great way to teach kids about spending habits.
During Dashain, a lot of families have tradition of playing cards. This can actually be a good lesson to children. When a child can observe consequences of losing and winning money, the child understands the importance of money. Card games can help kids promote their understanding on how to draw a strategic decision. Card games can each both the consequences of gambling and the excitement of making money. However, the author does not intend to promote gambling. Yet kids can always learn the process of losing and winning money through card games during Dashain if they are taught in a proper environment among family members.
Besides, the major important part of Dashain is the day of dashami. Kids are more than excited about dakshina. This is the exactly right time to teach kids how to count money, the uses of money and the power of money. The same dakshina can be used to make kids understand about banks, interest rates, savings and stock market.
Similarly, parents can help kids understand the topic of interest rates by saving their dakshina in the bank accounts. Kids will be able to analyze their interest gained from the amount. Similarly, parents can also encourage kids to invest in IPOs. This can further create interest in kids to understand more about primary and secondary market.
We undervalue the power of dakshina a lot. Often parents mix up the kids’ dakshina in their own utilities. However, even if a child earns Rs 10,000 every Dashain through dakshina for next 10 years, even excluding the accumulated interest, the principal amount solely turns out to be Rs 1 lakh. This amount can be used by the child to start his small venture as he/she grows into a ten or can buy an insurance policy.
Besides, with the digitalization taking place, parents can further provide dakshina to kids through e-wallets. This will help kids understand the concept of digital wallet and digital money.
Usually, our culture has a lot to offer to help us understand about the power of compounding and investing. Our every culture is associated with exchange of gifts in the form of dakshina. We can take benefit from this tradition and build our and our kids’ financial habits.