You want your kids to eat their vegetables and occasionally enjoy a pizza, too. An hour of computer games could improve their problem-solving skills, but they need to go outside to play. Everything in moderation, as they say. When it comes to money, one needs to strike a balance between the good (such as earning, saving) and the bad (spending, loans, credit cards) is the key to a healthy, happy life and bank account. The money beliefs that we have as adults are formed during childhood. The best time to make sure that kids are learning a balanced approach to managing money is when your kids are, well, still kids. But kids are different. Take these quizzes to find out exactly what money personality type your kids have and learn how to help them for a good financial life.
Money Personality Quiz of Kids
You give the kid Rs 50 to buy bread and tell her to use the balance as she pleases. What does she do?
A. Adds it to her piggy bank to buy an expensive game later.
B. Spends it on chocolate.
C. Puts it away to buy later, but forgets.
D. Depending on mood, may either bring it back or buy candy.
You tell your kid that he can buy his favourite sporting gear only after six months by saving his pocket money. What does he do?
A. Starts saving immediately.
B Tries to borrow money from you to buy immediately and return it later.
C. Starts saving, but gives up midway.
D. Doesn’t care whether he buys it.
C. Not really
D. He never asks anyway.
A. Decides to give a gift worth Rs 300.
B. Takes out Rs 200 from her account to make up the balance.
C. She doesn’t give a gift.
D. She gives the gift after five months.
A. Immediately puts it in the piggy bank or bank account.
B. Spends some immediately, saves only a little bit.
C. The money keeps lying in his drawer for months.
D Sometimes he spends it, sometimes saves it.
C. Says she will decide and tell later.
A. Sightseeing tour.
B. Adventure sports.
C. Chilling at one place.
D. Any will do.
Answers to Money Personality of Kids
What to do?
Help him to put his money in instruments that will make it grow.
The child does not value money too much and may run into losses or run up debt as an adult because of her adventurous streak.
What to do?
Monitor her money use, instil discipline in spending and teach the value of money by setting goals.
The kid has money sense but is too lazy or careless to handle it. This may lead to problems in budgeting and achieving goals on growing up.
What to do?
Instil discipline in use of money and day-to-day activities till taking care of money becomes a habit.
The kid is likely to be happy with or without money and will find a way to manage it, though she may face tight financial situations occasionally.
Money Personality for Kids – Pocket Money
Q1 What is your child’s monetary status at the end of the month?
- a) He may ask for help but returns the money next month
- b) He never needs to be bailed out.
- c) He almost always needs money. •
- d) Sometimes he hasn’t spent and sometimes he isn’t left with money.
Q2 The moment your child is given money, what does she do with it?
- a) Keeps it in a safe place and Later the money the next month. decides what to do with it.
- b) Puts it in the piggy bank and doesn’t take it out again.
- c) Spends it at once
- d) Keeps it somewhere and forgets it.
Q3 Has your child ever lost money?
- a) Never
- b) Very Often
- C) More Than once.
- d) Frequently
Q4 Does your child set goal and save pocket money to buy valuable items?
- a) Very often
- b) Often.
- c) Occasionally.
- d) Frequently
Q5 When you go to a child store, how does she behave?
- a) Wants to Buy something for her only if she needs it
- b) Doesn’t bother you much
- c) Throws a tantrum and insists that you buy something for her
- d) Is indifferent
Q6 You send your kid to buy an item from the market and use the leftover amount as he pleases. What does he do with it?
- a) Spends half on snacks, saves the rest.
- b) puts it in the piggy bank.
- c) Spends it all on snacks.
- d) Gives it back to you.
Q7 You go shopping for her dress and specify a budget but the dress she likes exceeds the budget. What does she do?
- a) Buys within the budget but haggles for a more expensive dress the next time.
- b) Opts for a less expensive dress.
- c) Insists on buying the expensive dress.
- d) Does whatever you want her to do
Q8 Does your kid like buying gifts for family and friends with his own money?
- a) Sometimes.
- b) Never.
- c) Always.
- d) If you insist.
Q9 When you go to a restaurant how does your child act?
- a) Picks a dish he likes, but keeps an eye on the prices.
- b) Usually opts for cheaper dishes.
- c) Opts for the most expensive dishes.
- d) Doesn’t really care about the dishes or prices.
Q10 If you give your child the option of having a gift or money what does he choose?
- a) He takes the gift and after he loses interest in it, sells It to a friend.
- b) Money.
- c) Gift.
- d) Either.
Answers to Child’s Money Personality
Ref: Times of India Quiz