It’s very easy for parents to spoil their kids with material gifts and money. Some might say that they want to shower their kids with the best things in life because these were things they didn’t experience growing up. While this is perfectly understandable, it is also important to note that kids should learn the value of money and hard work early in life.
This will help them become more responsible on handling their own finances later on. Moreover, knowing the value of money and teaching kids how to spend wisely equips them with wisdom and maturity when it comes to dealing with material possessions. Trade offs for examples, or prioritizing needs vs. wants may sound like a difficult concept to teach a child, but there are actual and practical examples where this is applied every day. For example, if you’re at the mall and your kids asks for a new toy and wants to get popcorn at the same time, you can make the child choose one or the other.
Making kids work for money so they can buy the things they want is also a good way to raise kids who are financially responsible. They can be given age-appropriate tasks or chores when they are young and this can later translate to summer jobs as they become older.
If you’re interested to know more about how to teach kids to manage money better and more maturely, we’ve created an infographic detailing examples which have been proven effective. Don’t feel bad about holding out on your kids when it comes to money. The more you teach them, the more responsible they will be in the years to come.
