The first steps
At a pre-school or kindergarten age, your child is sharp enough to pick up basic money concepts. Introduce him to the good old piggy bank.
Let it be one where you can see the money inside, suggests Mashruwala. That way, the child will learn a financial fundamental: every time he takes out some money, the level goes down. And if he puts some in, it goes up.
Mashruwala's six-year-old daughter Sanaa also has a chocolate bank, into which she deposits all her chocolates. She is allowed to take them out every Sunday. What better way to teach a kid the concept of banking and, more importantly, of delayed gratification?
"Even words like savings, bank and deposits can filter into her mind and stay there," says Mashruwala.
Image: A child (R) kisses a three and a half year old Pomeranian dog named Peter | Photograph: Sam Panthaky/AFP/Getty Images
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