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Is Your Child Struggling to Grasp the Value of Money?

As parents of children with special needs, one of the most critical life skills we can teach them is understanding the value of money. It’s easy to assume that lessons about rupees, coins, and prices are covered in school, but for many children with developmental challenges, such as those on the autism spectrum, grasping the practical value of money often requires more personalized and hands-on learning.

But how can we take this seemingly abstract concept and turn it into something meaningful for such children? Let’s dive into how we can make the lessons of earning, spending, and saving money real and empowering for them.

Starting with a Simple Concept: “Does Money Grow on Trees?”

Let’s start with a fun question for your child: Does money grow on trees? This can be a fantastic way to open up a conversation about where money really comes from. In our culture, there’s a phrase that’s often used, “Paise ped par nahi ugte” (Money doesn’t grow on trees), which drives home the point that money is earned.

Here’s a simple exercise: Take your child to a plant nursery and ask them to find a tree that grows money. When they give you a confused look, you can explain, “Just like plants need time and effort to grow, money comes from hard work.” This can then lead to a discussion about how you (as their parents) go to work, just like they go to school, and that’s how you earn money to buy the things you need.

It’s important to explain this in the context of their daily lives. For example, you can tell them, “We earn money to buy your books for school, your favorite snacks, and the clothes we wear.” This simple analogy helps them connect the idea of work to money in a way they can understand.

Teaching Through Action: Earning Money with Chores

Now that your child understands that money comes from work, it’s time to make this concept more hands-on. One of the best ways to help your child understand the value of money is to set up a simple system of household chores where they can earn small amounts of money.

For example:

  • ₹10 for watering the plants
  • ₹20 for helping set the dinner table
  • ₹50 for cleaning their room

By associating tasks with specific amounts of money, your child will begin to understand that not all jobs are the same—some take more effort and are therefore rewarded with more money. This system also helps them learn that money has to be earned through responsibility, time, and hard work.

You can even set up a small “bank” at home, where they can deposit their earnings in a box or jar. Encourage them to keep track of their “earnings” in a notebook, which will reinforce their understanding of savings and the rewards of being patient.

Needs vs. Wants: Prioritizing Purchases

Once your child begins earning money, it’s important to help them differentiate between needs and wants. This distinction is crucial to building a foundation of financial literacy. You can start by making two lists together:

  • Needs: School supplies, clothes for winter, food
  • Wants: New toys, extra snacks, gadgets

Help your child understand that needs are essential for daily life, while wants are things they would like to have but are not necessary. This is where budgeting comes in. You can give your child an allowance based on the chores they’ve completed, and then guide them in making choices about how to spend that money.

Here’s an idea: Take them to a local market or browse an online store. Ask them to guess how much an item costs and then show them the actual price. This will give them a real-world sense of how money is spent and the importance of budgeting wisely.

Saving for Something Special: The Power of Patience

While your child might be eager to spend their earnings on small things like candies or toys, it’s important to introduce the concept of saving. Explain to them that saving means putting aside some of their earnings to afford something bigger or more valuable later on.

For example, if your child wants a new toy that costs ₹500, help them calculate how many chores they need to complete to save that much money. They might earn ₹50 from cleaning their room, so after 10 chores, they’ll have enough to buy the toy.

This exercise teaches your child two valuable lessons:

  1. Patience: Waiting and working toward a goal
  2. Planning: Making smart decisions about money instead of spending it impulsively

A great way to visualize their progress is to create a chart where they can color in boxes each time they save ₹50, getting closer to their goal of ₹500. Watching their savings grow will motivate them and reinforce the value of working toward a reward.

Teaching Smart Spending: Comparison Shopping

Another critical skill is teaching your child to compare prices. This can be a fun and educational experience. Let’s say your child wants to buy a cricket bat. You can compare prices from two different stores—perhaps one offers the bat for ₹800 and another for ₹750. Show your child how much they can save by choosing the cheaper option.

You can take this further by asking your child to calculate how much they saved, and then show them how they can use the saved amount to buy something else. This teaches them the value of making informed decisions and managing their money wisely.

Final Thoughts: Building Lifelong Skills

As parents of children with special needs, it’s important to approach financial literacy with patience, creativity, and encouragement. Teaching your child the value of money is not just about math or currency; it’s about empowering them to make confident, informed choices as they grow.

These lessons will carry into adulthood, giving them a sense of independence and understanding that they can apply to all areas of life. Helping your child develop good financial habits early on is one of the most empowering gifts you can give them.

Remember, these lessons are not just about rupees and coins; they are about building a strong foundation for their future success and independence.

Together, we can help children thrive.

Warm regards,

Dr. Rajeshwari Yadav
Helping children grow into healthy, happy, and independent individuals

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