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Making your kids learn the value of money and responsible with how they spend it is a huge gift you can give them. Start small, and see them learn.
My dad and mom both had a good number of siblings, so did the next generation – mine. All my cousins have either one sibling or 2, so there was enough company around always. Most of my cousins or people I know, have either one or two kids. The best part is – no one complained then with a house full of kids. No one is complaining now too, as we have one or 2 pampered kids at home. As we adapt to the changed circumstances, so does our behavior and outlook towards things and people.
How our parents, with few or hardly any toys; had plenty of fun, with good company to play with in the house itself. I had one younger sister to bully and pamper, both. There was some sharing of some sort always involved, either of toys or chocolates or parents or money in times of crisis. Well, we knowingly or unknowing learned the art of selling, negotiating and exchanging things to make the most of what we had, and were thankful for it too.
On the contrary, today we try and provide the best of facilities, the latest toys to our kids. We deprive them of some basic learning of being thankful for what they have; a sense of gratitude, sharing, learning to compromise negotiating and making most of the resources on offer.
Well, the family dynamics have changes for most of us and the times have too; but if we wish to impart the same sense of upbringing in our kids, we need to work towards teaching them how to, and not just providing them with things, to make them future ready.
Show them both the options – of splurging on their toys and saving for a special occasion. Let them make their own decision and let them witness the pain of not choosing the other option. It would help them make better financial choices in future. Work with their knowledge of material things which matter to them – a book, the latest Lego game, new pair of shoes etc. Warren Buffet made his first investment at the age of 7. You never know what your kid might plan to do with his pocket money.
Take them shopping every time they demand something. Let them shop with rules: only one buy, no repeat, something at home needs to be given away in exchange of this new purchase, and that they cannot buy something new for a certain period of time.
Let them decide what they want to do with the sum of money – buy something for themselves, or splurge it on a party, to invite a mob or have a set of friends watch a movie together. It would work both ways, it would give them a sense of accomplishment and a ‘grown up’ feeling. It will also help them be more resourceful, and do the most within the resources and means. They should make a conscious effort to understand how the world and money works and would be forced to weigh the value for the activity they choose.
One of the greatest gifts we can give to our kid is to give less, to force decision-making and awareness among all their choices. We need to have more faith in them and let them be challenged to make choices and then stand by them. They might be annoyed by this for a while, as they may compare themselves to their peers, but trust me, your kid should shine in the long run being thankful for what they have, and would be ready to make better financial and life decisions.
Make your kids future ready, believe me it is not an overnight process, start now!
Published here earlier.
Image source: pixabay