In times of economic crisis and recession, it is important that you explain your child about the importance of savings. Today’s generation lack this especially because marketers are constantly creating demands and desires which the youth of the country want to surrender to!
Hence, until and unless parents inculcate a habit in their children of saving money for times when there is a crunch in the economy, they will not realize the importance of the same. Also, children do not realize the importance of money until they earn. Hence as parents of children who are constantly putting unrealistic demands, it is very crucial that you inculcate a habit of budgeting and accountancy of the spending of your child. Encourage your child to keep an expense book where he or she records his or her daily expenses. It may seem indeed silly to record an amount of Rs. 5 and Rs. 10 in the book but this is how the kid will learn. At the end of the month sit with your kid and check the books to know where he spent and where he could have saved. I am sure this will help your child to realize the value of money.
Encourage your child to read the newspaper. There are many newspapers that are available especially for children. Sit with your child and tell him about how the world has been hit economically and what the adverse impacts of the current recession are. Invest wisely and secure yourself with good health insurance and mediclaim. Encourage your child to save resources like water and electricity and tell him how much he or she can contribute to the world through these small actions!