There are some words that are virtually taboo in front of kids in our country: one is sex, the other is money.

Parents are uncomfortable discussing either topic with their children. Result: kids get to find out about both issues outside the house ? through friends, peers, or sugar daddies. Many never learn at all.

It is ironic that several schools have now launched compulsory sex education programmes, but almost no one has a specific programme that aims to teach kids about money and its value ? the things that they will have to deal with in their adult lives.

The biggest stumbling block is attitudinal: the usual spiel is, ?Why should we want to corrupt the minds of the youngsters by talking about money in front of them??

The high school curriculum in our country provides lessons in geography, history, literature, and an overdose of science and math. But there?s a big zilch when it comes to basic money management.

Well, all hope?s not lost yet. ?The curriculum in my daughter?s school includes basic lessons in money. Everyday she learns about income, savings, taxes and bank accounts,? says Pritha Ghosh, mother of eight-year-old Riya.

However, this requires to be substantiated by parents at home and some are quite proactive. ?My mom used to take me to the mall with her every time. She would give me a fixed amount to spend on groceries and have me subtract each item from the total as we shop. I also learnt to compare food labels and get the best product for the money. It helped me no ends when I took up a job away from my home,? recalls Ritesh.

Ritesh?s mom might have showed remarkable wisdom and foresight but if you have put it off for too long already, don't wait any longer.

Open up before it?s late

The first step is to start talking. Don?t shut them up when they ask what the ATM or debit card is, or want to count the notes in your wallet. Let them hear you discuss expenses, salaries and bank accounts. It makes them realise the importance of money in everyday life.

Arrange for an allowance

Give them an allowance as it can be a vital tool in teaching kids how to budget, save and make their own decisions. So instead of giving your children money whenever you like, give them a fixed amount at regular intervals. Children remember and learn from their mistakes, when their own money is lost or spent foolishly.

However, don't give up all control and sometimes ask how he spends it. Let them see that cash isn't just about spending and make them learn to allocate their pocket money among various heads.

Preach the savings mantra

From an early age, instill the idea of saving or working towards a goal. They can save gift money to buy a coveted bicycle. This is the best way to teach the value of money. Open a savings account for them and take them to the bank to make them acquainted with the various banking operations.

Many banks offer secondary accounts to kids provided their parents maintain a primary account with the bank and as such many kids have bank accounts, in which they deposit their gifts and allowances. At all times make clear the limits on the money they get or spend. Whether a birthday party or a new dress, tell them you'll only spend so much.

Keep the age in mind

And do all these according to the age of your child. Says Gaurav Mehra, ?We taught Jiya, my daughter, the basics of money till she was 16. By then, she could manage monthly expenditures quite effectively. Then, we gave her more freedom but also kept up the lessons.?

By now your child is old enough to handle banking chores, and have accounts with passbooks and debit cards. Let them participate in family financial discussions like which car to buy, how to save or cut expenses to afford it, and how the loan will work.

?She took up a summer job that year and we encouraged her to be transparent about the money,? he adds.

?My parents let me buy stuff for my home and siblings rather than spending it all on myself. They also encouraged me to contribute towards worthy charitable causes. Not only did it make me feel important, I learnt the pleasure of sharing,? says Jiya.

?I also started salting away money for my higher education. They also taught me about loans and scholarships," she adds. "And by the time I was 20, I knew quite well about investing and insurance."

And it isn?t just about micro managing monetary affairs. The US public debt office within the Department of Treasury, for instance, has a section Just for Kids to teach them about money, debt and all related monetary issues. It offers a programme called ?Money Math: Lessons for life? which is downloadable for free. Are India?s educators, policymakers and authorities like the RBI and the ministry of finance listening?