The one thing that parents want for their children is for them to grow up with everything they need to succeed in life, but without spoiling them. They want them to be able to think for themselves, be intelligent and most importantly, be financially responsible. It can be hard to approach the subject of money with kids as they are growing up. Some parents prefer not to talk about money at all, fearing they will become entitled and dependent on them. However, communicating with them from an early age will help them to grow up into savvy and responsible adults later on.
Explain How You Earn Money
Not many children know how people get money and when they are very young, they don’t necessarily understand the concept of having to spend money to have things. As soon as they are old enough to understand, explain that money doesn’t grow on trees. Talk to them and tell them that money has to be earned through a job, meaning you can’t just go to the bank and take money. This will make them realise that you are putting in a lot of effort to provide for them and that it is something they will one day have to do for themselves.
Teach them Patience
When kids are young, they are impatient and want things straight away, whether it is a new toy or a book to read. They don’t want to wait, but you have to teach them that good things will come to those who wait. Waiting can often mean saving up money and getting something better or being able to appreciate the thing you had wanted for so long. This mindset will stay with them as they grow up, teaching them it is better to have patience than to be dragged into debt.
Say No Sometimes
Children can be very demanding, so much so that parents will often do anything to stop them from nagging and this can sometimes mean giving in. However, that kind of behaviour causes the children to become spoilt and expect everything to be handed to them in their life. It is healthy for you as a parent to say no sometimes and explain why you can’t buy what they want. Perhaps money has been tight, or you don’t think they will need something new in their life, especially if it is expensive. If you are a parent that likes to give an allowance and have them choose what they want themselves, teach them to be less impulsive or else that habit will carry on into adulthood.
Be Appreciative and Giving
There are too many greedy people in the world, so it is your job as a parent to teach your child to be appreciative of what they have and to give back to others. You can show this to them by saying what you are thankful for at the dinner table or to have a jar where everyone puts in something they appreciate and you read it out loud at the end of the week. If you want to teach them to be charitable, let them see you donate to charities, whether it is money or older items of clothing and explain how it helps others. This will teach your children to be more selfless as they grow up.
Encourage them to Work
One of the best things you can do for your kid is to encourage them to work for a living. As soon as they are old enough, help them to look for a summer job. It could be as simple as walking the neighbourhood dogs or babysitting for a family friend. They will start to value the money more when they are earning it, hopefully learning that it is better to save up than to spend it as soon as they have it. Having a small job with also help them to develop a strong work ethic that will make sure they always want to be in employment to better themselves.
All of these tips will help stop your kids from growing up into entitled adults. Instead, they will be more careful and kind-hearted with everything they do.
