How to Not Spoil Your Children With Money
There's nothing wrong with buying your children nice things or rewarding them with a treat. In fact it's a good thing because it shows your children that you appreciate their efforts. The problem comes when you overindulge your children with money. We live in an age of excess consumerism where advertisers entice us to buy the latest food products and gadgets, and when we give in to this we teach children that money is more important than values. It's important that children have a mature understanding of finances.
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Instructions
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Teach Children the Value of Money
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One way to do this is to discuss why you and your spouse work every day and also let your child see where the family income goes every week. For example, if your he constantly asks for the latest video games every other month, you can tell him that you cannot afford it right now because you have to pay for the house so the family will have a place to live.
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Another good idea is to develop saving habits in your child. You can tell him that if he wants to buy his favorite things, he has to learn how to save up for them. You can set up a piggy bank account for your child and require that he put part of his allowance in it. That way he will feel good about buying something that he saved for himself.
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If your child is a teenager, have him read publications that teach him about finances such as Money, Fortune and the Wall Street Journal. Also show him how to balance checkbooks, read credit card and bank statements, fill out tax returns and read a W-2 form.
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Set financial boundaries for your child. One way to do this is decide on a certain amount of money you will pay for what your child wants. You may have to hear whines and tantrums, but the child will get over it soon. Another way to do this is give your child a weekly allowance, which will teach them how to budget what he has earned.
Instill the Work Ethic
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Since most people get their money through work, teach your child its importance. They can mow lawns, deliver newspapers, paint doorsteps, sell baked goods, sweep trash or deliver meals to earn extra income for themselves. If your child is a teenager, bring him to different businesses so he can fill out applications for part-time work.
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Part of having a good work ethic is to be dependable so teach your child to always be at work on time and to have his work clothes already ironed the night before and to also take his shower that same night.
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Also teach your child the importance of doing his job with integrity and time management. For example, he should learn to be professional at all times and not slack off on his tasks.
Focus on the Real Values
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When our society gets caught up in climbing the money ladder, we often forget about the most important things in life such as relationships and our health. Your child should learn that while having money is necessary and is beneficial, don't forget where real happiness comes from. For example, working overtime is okay but when you neglect family time, your children learn the wrong lessons.
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One way to focus is to have family time at home without spending money. You can take out some board games and card games and play for hours. Or you can get some popcorn and DVDs you have in the closet and have a movie night.
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A final way to do this is to attend free events at parks, libraries, the children's museum or your local community center. These places are not only fun but offer educational benefits.
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