NRich::Mind Your Money

For a long time now, talking money with the kids at home was a taboo. It was as if the talk would burden them and that they should not be concerned about the financial affairs of the family.

This attitude has been handed down for generations and I think its the right time to break this pattern for the simple reason that the children must know the truth about the finances of the household. Not the fine details but the broad picture.

I was pleasantly surprised when one of the users of ‘Enrich‘ Personal Finance Software shared how the money conversations in his family (especially with his kids)� have really empowered them.� In his own words ”

I don’t mind if my kids buy comics at Odyssey but it should be within the limit and I should know the proportion of money being spent for such activities. I want to see how it fits into my over all budget and how I am controlling it. This way I don’t ignore any of the requests from my family members assuming unwanted things in mind.

My kids have been empowered to ask “anything”“within the budget defined”. It gives them tremendous satisfaction. Just because I have a sudden expense which was not planned I don’t get into their rights because I know that it’s a small proportion and it has its own value. Today my Son looks at Enrich – variation report and says “Appa, I have another 100 bucks left in my account, Can I buy X and Y?” - Will you have a negative answer if his request is valid? He is ready to postpone to the next month if some thing does not fit into the current month budget – does it not make him to learn big things in life through small things? (bold done by me)

Information is an asset; it gives me clarity of mind. No rooms for assumptions. My wife used to complain that I go to Odyssey every week but now she keeps quiet because she knows that we are operating in a controlled environment. Kids argue with their mom with the INFORMATION they have if she complains.

I rest my case!