A couple of years ago, my son came up to me, and asked if he could start getting pocket money on a regular basis.
I asked him if he needed to buy anything?
“Yes, I need many things. So, I thought I would plan out what I need, and buy it with my pocket money”, he said.
We agreed on an amount, and a few chores that he needed to do to earn a portion of the pocket money. The deal was signed.
After a few weeks of saving up, one evening, he came to me with a list of things he wanted to buy.
So, we went down to the local super-market, and a stationery shop.
My son looked for all the items he wanted, noted down the prices, added, subtracted, deleted and prioritized…and then guess what?
He did not spend even a single cent!
I asked him for the reason.
He mulled over my question and said, “Things are so expensive, I have to plan better.”
I smiled. Kids…give them their own money and they are loath to spend it!!