My husband and I always liked to be generous to our kids. We always had the mindset, kids are only kids once and you have to buy them everything they want. Then holidays started coming, birthdays came and guess what, they weren’t fun.
Instead of our kids being happy, they just didn’t care about stuff. Buying them something was a headache because they already had it all. They broke their toys and they didn’t even care about them. They had no idea the endless amounts of money we were spending on them until we stopped doing it all together.
It was kind of a rude awakening for them, at first, but then something amazing happened. They started buying their own toys with their allowance that they earned and now- they take care of the toys.
Teaching children about money doesn’t have to be painful, but it has to be strict. Check out these tips for ways you can teach your child about money.
Stop buying them everything. When you buy your child everything, teaching them about money is almost impossible. They don’t get to see how hard it is to earn money or how much work it takes. The only thing that buying your kids everything will ever teach them is how easy it is for them to get more.
Make them earn an allowance. Unless you’re a trust fund baby, chances are you’ve been earning your own money for quite some time. It’s not fun, but when you want something, you realize just how much it cost. And, guess what, because you earned it, you’re probably gonna take better care of it, right?
Have them save up for expensive toys and don’t give them money. I’m horrible at this, but when your child wants something for $10 but they only have $5, don’t just give them money. Children will never earn the value of a dollar if, they can still get something for $10 when they only have $5.
Let them pay with money in store. My middle child is notorious for temper tantrums because he wants something and he doesn’t have enough money. Even if it may look mean, if your child still don’t get it takes money to buy something, (and is old enough to understand) send them to the cash register. I suggest doing this in stores that aren’t busy because when they only have $2 for a $20 toy, they’re going to realize that toy cost a lot of money.
Use a piggy bank. Piggy banks have been around for decades, but a lot of parents don’t use them. When your child finds a penny on the ground, teach them it’s actually worth something if they save up. Use a piggy bank to allow your child to save money from allowance and birthdays; chances are the money will add up faster than they think.
How do you teach your kids about ? money?