Financial Mommy

Rewards & Incentives

Usually in any corporate office, to motivate the employees, we always find the system of rewards, incentives, and recognition. Rewards and incentives are good tools in not only motivating but also pushing people to go beyond their comfort and work towards maximum potential.

The same can be emulated in teaching a child to learn in the basics of finances by rewards and incentives.

Before you start thinking on how finances can be taught by rewards and incentives, keep a few things in mind:

  • Don’t give false promises to a child. They will not work towards achieving a goal if you haven’t fulfilled a past promise.
  • Rewards are usually gifts that you promised your child in return for a task assigned and when they outperform the task.
  • Incentives are towards making your child motivated to perform better.
  • Rewards and incentives usually crisscross the lines, but when put together have a beautiful impact on understanding the factors which motivate your child.

How rewards and incentives can be a way to teach your child finances?

  • First, it teaches the act of responsibility. A responsible child as he/she grows to understand the time management and is task-oriented. Since the child is motivated to move ahead and perform, finances control comes automatically.
  • When you reward or incentivize the child, you are creating the value of money indirectly. A child doesn’t take hard work as a difficulty but as a challenge for which he/she would make a certain way to achieve it.
  • Nothing is taken granted and a child knows that it’s hard-earned. Giving in easily makes a child have no passion to earn. Earning doesn’t mean money.
  • The child can be taught on gaining control of his indulgences. This in the future will help him/her to control expenses.

What as a parent you can do??

  • Assign tasks and decide a reward for it.
  • Always insist on the betterment of a task and keep the child motivated with reward and incentives.
  • Keep fun activities in the task in which a child can treat it as a reward.

If a child fails, don’t get upset. Tell them about their failure and ask them to retry. Reward a child if he/she retries.

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