हमें बच्चों को पैसे के महत्व के बारे में क्यों और कैसे सिखाना चाहिए ..

वर्तमान भौतिक-वादी दुनिया में, अपने बच्चों को पैसे के बारे में पढ़ाना बहुत जरूरी है। हमें उन्हें इस बारे में जागरूक करना चाहिए कि हमें बचत क्यों करनी चाहिए और पैसे का मूल्य क्या है। इस पोस्ट में हम कुछ चीजें सीखेंगे जिनका उपयोग हमारे बच्चों को पैसे के बारे में अधिक जागरूक और समझदार बनाने के लिए किया जा सकता है।

1. पारदर्शी जार/ गुल्लक के माध्यम से बचत की आदत

सामान्य गुल्लक अच्छे हैं, लेकिन यह बच्चों को एक दृश्य नहीं देता है। इसके बजाय यदि हम एक पारदर्शी जार/ गुल्लक का उपयोग करते हैं, तो वे धन को बढ़ते हुए देख सकते हैं। जैसे कल उनके पास दो सौ रुपये के नोट थे और आज उन्हें एक और पचास रुपये का नोट मिला! हम उनसे इस बारे में बात कर सकते हैं और इसके बढ़ने के बारे में बड़ी बात कर सकते हैं!

2. उन्हें दिखाएँ कि सामान में पैसे खर्च होते हैं

हमें केवल यह कहने के बजाय कार्रवाई करने की आवश्यकता है, उदाहरण के लिए, उसके लिए एक खिलौना खरीदते समय, उसे अपने गुल्लक से कुछ पैसे निकालने के लिए कहें और उसे दुकानदार को पैसे देने दें। इस सरल क्रिया का पाँच मिनट के व्याख्यान से अधिक प्रभाव होगा।

3. एक उदाहरण स्थापित करें

ब्रिटेन के एक विश्वविद्यालय में किए गए एक अध्ययन में पाया गया कि बच्चों में पैसे की आदतें 7 साल की उम्र तक बन जाती हैं। यानी वे हमें देख रहे हैं। अगर हम किसी चीज या हर चीज के लिए लापरवाही से खर्च कर रहे हैं तो वे अंततः नोटिस करेंगे। या अगर हम पति / पत्नी पैसे के बारे में बहस कर रहे हैं, तो वे भी उस पर ध्यान देंगे। हमें उनके लिए स्वस्थ उदाहरण स्थापित करना चाहिए और जब वे बड़े हो जाएंगे तो उनके अनुसरण करने की अधिक संभावना होगी।

4. कमीशन दें, भत्ते नहीं

हम अपने बच्चों को घर के आसपास के कामों के आधार पर कुछ कमीशन दे सकते हैं जैसे कचरा बाहर निकालना, उनके कमरे की सफाई करना, या रसोई में मदद करना। इससे उन्हें समझ में आ जाएगा कि पैसा कमाया जाता है - यह सिर्फ उन्हें दिया नहीं जाता है।

5. वैकल्पिक कीमत

हमें उन्हें यह समझाना चाहिए कि निर्णय कैसे लेना है और वैकल्पिक कीमत क्या है। उदाहरण के लिए, उसे बताकर, "यदि आप यह वीडियो गेम खरीदते हैं, तो आपके पास उस जूते खरीदने के लिए पैसे नहीं होंगे।" इससे वह निर्णयों को तौलने और संभावित परिणामों को समझने में सक्षम होगा। 

6. देने के महत्व पर जोर दें

सिर्फ कमाना ही नहीं बल्कि देना भी उतना ही जरूरी है। एक बार जब वे थोड़ा पैसा कमाना शुरू कर दें, तो हमें उन्हें देना सिखाना चाहिए। वे एक मंदिर, दान या यहां तक ​​कि किसी ऐसे व्यक्ति को चुन सकते हैं जिसे थोड़ी मदद की जरूरत हो। इससे, वे देखेंगे कि कैसे देना न  केवल उन लोगों को प्रभावित करता है, जिन्हें वे देते हैं, बल्कि देने वाले को भी प्रभावित करते हैं।

7. आवेग में खरीदारी से बचें

"पिताजी, मैंने अभी-अभी यह नया खेल देखा है। यह मेरे दोस्त के भी पास है! क्या हम कृपया इसे खरीद सकते हैं?"

क्या आपके पास अपने बच्चों द्वारा इस प्रकार के अनुरोध आए हैं? सीधा मना करने के बजाय, अपने बच्चे को बताएं कि वे इसके लिए भुगतान करने के लिए अपनी मेहनत की कमाई का उपयोग कर सकते हैं। अपने बच्चे को 100 रुपये से अधिक की कोई भी चीज़ खरीदने से पहले कम से कम एक दिन प्रतीक्षा करने के लिए प्रोत्साहित करें। वह चीज़ संभवतः कल भी रहेगी, और वे अगले दिन (आवेग पूर्ण खरीदारी के बजाय) ठंडे दिमाग से उस चीज़ को खरीदने का निर्णय लेने में सक्षम होंगे।

किसी भी स्तर पर अपने बच्चों को पैसे के बारे में सिखाने में आपको समय लगने वाला है। यह आसान नहीं होगा। लेकिन अगर आप चाहते हैं कि आपके बच्चे यह जानें कि बड़े होने पर अपने पैसे का सफलतापूर्वक प्रबंधन कैसे करें, तो अभी समय निकालना ही उपयुक्त होगा।

अपने बच्चों को पैसे का प्रबंधन करने के बारे में सिखाने का एक सबसे अच्छा तरीका है कि उन्हें खुद कमाने का मौका दिया जाए !

Teaching Kids about Money, Why and How ....

In the current materialistic world, it is very important to teach our kids about money. We should make them aware about why we should save and what is the value of money. In this post we will learn few things which can be used to make our kids more aware and sensible about money.

1. Saving Habit through a transparent Jar/Piggy Bank

The normal piggy banks are good, but it doesn’t give kids a visual. Instead of that if we use a clear jar, they can see the money growing. Yesterday, they had two hundred-rupee notes and today they got one more fifty rupee note! We can talk to them about this and make a big deal about it growing!

2. Show them that stuff costs money

We need to take action rather than just saying, for example when buying a toy for him, ask him to take out some money from his piggy bank and let him physically hand over the money to the shopkeeper. This simple action will have more impact than a five-minute lecture.

3. Set an example

A study made in one UK university found that money habits in children are formed by the time they’re 7 years old. Means they are watching us. If we are spending carelessly for anything or everything they’ll eventually notice. Or if we and our spouse spouse are arguing about money, they’ll notice that too. We should set healthy example for them and they’ll be much more likely to follow it when they get older.

4. Give commissions, not allowances

We can Pay our kids some commissions based on chores they do around the house like taking out the trash, cleaning their room, or helping in kitchen. This will make them understand that money is earned—it’s not just given to them.

5. Show opportunity cost

We should make them understand how to take decisions and what is the opportunity cost. For example, by telling him, “If you buy this video game, then you won’t have the money to buy that pair of sport shoes.” he should be able to weigh decisions and understand the possible outcomes.

6. Stress the importance of giving

Not just earning but giving is equally important. Once they start making a little money, we should teach them about giving. They can pick a temple, charity or even someone they know who needs a little help. Eventually, they’ll see how giving doesn’t just affect the people they give to, but the giver as well.

7. Avoid impulse buys

“Dad, I just saw this new game. My friend has it! Can we buy it please?” have you come across with this type of requests by your kids?  Instead of giving in, let your child know they can use their hard-earned commission to pay for it. But encourage your child to wait at least a day before they purchase anything over Rupees 100. It will likely still be there tomorrow, and they’ll be able to make that money decision with a level head (rather than an impulsive buy) the next day.

Teaching your children about money at any stage is going to take time on your part. It won’t always be easy. But if you want your children to know how to successfully manage their money when they get older, taking the time now will be worth it.

One of the best ways to teach your kids about handling money is to give them a chance to make some of their own!

Education Loan: An option to enrich your skills even if you can’t afford it right now

Education loan is an option for those students who want to go for higher studies but are restrained due to financial reasons.  Recently Central government is pushing banks to promote education loan schemes. Further there is increased competition among lenders following the entry of NBFCs into this space, this made education loan easier and cheaper as compared to few years back.

An education loan not only funds our higher studies but also help save tax. Education Loan from recognised banks/NBFCs are eligible income tax benefits under Section 80E of Income Tax Act of India. The interest paid on the education loan can be claimed as deduction, as per Section 80E of the Income Tax Act of India, 1961.  

So how should one go for it?

1. Decide the Course and Institution: 

Just because we are getting loan does not mean we should take admission in any course. The decision for a course should be independent of whether it is financed by a loan or not. This decision should be based on what we want to do in future according to that the institute and course should match our future goals.

2. Determine the Amount

Once the course and institution is finalised then we need to determine the loan amount required. We need to consider other expenses also in addition to tuition fees. Like: hostel charges, mess expenses, other incidental expenses, if going abroad then visa and travelling expenses etc. also. After arriving to the total amount we need to deduct the amount our parents are going to contribute. The figure that is left with will be the loan amount required.

3. Analyse the future repaying capacity

After all this is a loan and we have to repay back from our future earnings. Hence we need to see that whether the future earnings after this course which we are doing will be sufficient enough to repay the loan. For that we need to analyse the job prospects of that course, historical placement details and the salary offered. We should consider the average salary and not the top salary offered to get a realistic income numbers. As a thumb rule our EMI should not be more than 30% of the prospective take home salary.

4. Find out the best deal

After determining the amount of loan based on our future payment capacity, we can check with various banks/NBFCs for the interest rates and other terms & conditions. Banks usually give loans at lower rates for premier institutions like IIMs and IITs as compared to other government or private institutions. Lenders also distinguish between students who get admission through the government quota and through the management quota. For foreign courses, GRE/IELTS/GMAT scores is basic criteria on which a student gets the Institution.

5. The Process

Education loans are generally unsecured loan and are cheaper than personal loans but more expensive than home loans. Generally the education loan is to be applied jointly with the parents of the students wherein the parents act as a guarantor for the loan, they can also claim the tax benefits till the student starts repaying the same. Sometime the collateral is also required based on the credit score of the parents and amount required.

6. The Moratorium

Moratorium period is one of the unique feature of education loans. Here the borrower has the option not to pay the EMI for up to 12 months after course ends or six months after he starts working, whichever is earlier. However we should remember that this moratorium is not an interest-free period. The interest keeps accruing for the period we are not paying EMIs. Hence it is always better to start repaying EMIs as soon as possible to reduce the interest burden.

7. The Repayment

Generally the education loans are for up to 10 years which could be extended upto 15 years for big ticket loans—₹7.5 lakh or more. The EMI is less for long duration loans, but the total interest payout is much higher, So one should take the loan for the period based on the repayment capacity of self. Just because we can pay for longer term does not mean to stretch is at the maximum. The interest on education loan is tax deductible under Section 80E for up to eight years, so if possible it is better to pre-pay long duration loans within eight years. We should also pre-pay the education loan if there are better investment opportunities that offer better tax adjusted return than the cost of education loan.

Finally

The education loan is a good opportunity for those who have talent but are constrained by the economic reasons. However this is a loan and we need to asses our repaying capacity based on future income. Since this could be a first loan for a student and will have great impact on his credit score, we need to be extra careful in choosing the course and institute for the same.

Women are special so do their Financial Requirements

Generally money, finance and investments are called as man’s domain and in most of the houses the man of the house take care of these matters. However in today’s world when women are leading in every aspect of life, the involvement of women in financial decision and also to cater their specific needs is very important. Working women often juggle responsibilities in their careers and at home, together. The investment and financial needs of women are, to a degree, different from those of a man. In this article at the time of Women’s day let’s discuss what are the important aspects a women should keep in mind to plan her personal finances.

1. Plan for healthcare: It’s very important

Health care expenses can rise with longer life, which is a big concern when planning for retirement. There are many complicated disease which can eat a substantial part of our savings if we have not covered our self against them. If we have not taken a health insurance at the early stage of life then purchasing a mediclaim later on is not only costly but may not cover all the ills, So it is always better to take mediclaim at the young age.

There is also another reason to buy a health insurance as we get the income tax benefit upto Rs. 25000/- (Rs. 30,000 for Senior citizens which has been raised to Rs. 50,000/- in last budget). You can also take health insurance for the parents as they grow older they may need it more, further the tax benefits are also available for mediclaim taken for parents. While buying a health insurance, we should check the exclusions in the policies carefully. Sometimes we may get a policy at a lower premium compared to others but it may exclude certain illness so be careful.

2. Plan for Retirement: It’s crucial

As our life standard are improving, we are living longer. It means that we need to plan for a long life, and a long retirement and also have to deal with all the challenges of aging. Life expectancy for women is higher than men in any cases and changing social fabric also indicates to be self-dependent at older age.

Inflation, is a tax on capital and it slowly eats away our portfolio. Inflation causes a gradual decrease in your purchasing power because a fixed amount of assets buys less. If we take 7% inflation per year It compounds to 7.6 times in 30 years.” Which means if our monthly expenses are 25000/- today at the age of 30 then by the time we retire it will ballooned to 1.90 lakhs per month.

As the economy is growing with demand for various items rising, fixed investments such as Cash, Fixed Deposits and Bonds may not keep up in an inflationary environment.

For any financial planning and especially which are for long term; Inflation must be taken into account. If you are a single women it’s better to take the advice of an expert and if you are married it’s better to discuss the retirement plan together and chart out the priorities and investments to meet the future cost of living.

3. Plan for Kid’s future: They matter a lot

Every mother wants to give their kids the best, and yes it needs proper planning so that money should not come in a way for their bright future. In today’s world the education cost is rising very fast and for extracurricular activities also we need lot of money. If your kid wants to become a sportsman or an artist there also we need to send him/her at good training canter’s which requires lot of money. So planning for their future career needs to be done at the early days.

Now days, teenagers and young adults tend to focus on lifestyle spending and they don’t mind taking loans for fulfilment of their needs, rather than saving. As a mothers we should not just save for the kids’ future but also guide them to develop better financial habits. We should stick to predefined budgets and pocket money so as to make them realise the value of money and importance of savings.

4. Plan for unplanned: Yes that can happen too

There are many things which comes in life without any intimation, it can be some emergency requirements, a break from the work or a separation form spouse or something else. So it’s always better to have some funds in kitty for any kind of emergencies and unplanned things in the life. If you are planning for a break in your work, its better to plan for a break by first calculating the money required during that time and start investing at least 2-3 years (depending upon the duration of break) in advance for that so as to save sufficient amount to meet the expenses during that time. You should also work on a Plan B to generate some side income so as to keep yourself mentally and physically engaged.

5. Need a Loan: Ladies are preferred borrowers

Many banks offer lower interest rates on home loans if a woman is applying for it or if she is the first applicant for a joint loan. There are some banks that offer special rates for women customers for gold loan, education loan, personal loan, etc. For women entrepreneurs, banks offer loans on easy terms and lower interest rates.  The interest rate is offered at .05% to .2% lower than normal rates. Further to this interest rate benefit, there are several states in India which offer discounts on stamp duty charges to women buying homes.

Take this benefits if you are planning to buy a home or car or want to start a business. Although the difference may not be much but it still matter especially if the tenor of the loan is very long.

Finally:

There is a famous quote by Benjamin Franklin    “If you fail to plan, you are planning to fail!”  

Money is a very critical factor for living a comfortable life so the financial planning is always a very crucial factor. Avoiding any serious missteps can help to provide a better chance for a long-term financial future and eventual retirement that meets your desire. It’s always better to take a professional’s help to keep your finances in a shape based on your specific requirements.