A life of luxury and our overindulgent tendencies have made our children so used to having their way and getting what they want. Now that we're in an economic slump and things aren't what they were before, we're changing habits to meet our needs and teaching our children the real deal on finances and saving. But what if the damage has been done?
The task at hand is un-spoiling our children, and here's a quick guide on how to do just that:
1.Make the children understand the family's financial situation in a level that they can easily process. This is the first and foremost thing that your should do: Inform the children on the current situation. Make them part of making decisions when it comes to finances, as it is important that they feel they're 'in the loop'. Tell them what are the changes that's going to happen, the difference between now and then and why it's happening. Chances are your children will easily adapt the more they know about the difficulties the family is facing.
2.Talk with your spouse/partner on the things you can and cannot give in to the children. There's always a chance that one of you will slip up and still be overindulgent with the kids. Parents and other adults in the family should talk about what the rules are when it comes to spending money, giving presents, what treats are allowed and not allowed, and the like. Adults should maintain a united front because it's easy for children to be confused when one adult says one thing and another one says the opposite. They will also learn to manipulate that loophole when one adult is more indulgent that the other.
3.Stop that showy nature. Extravagance has now bit us back right where it hurts. Spending on luxury has now become a bane of our existence. Stop spending so much on celebrations like birthday parties, holidays or special occasions. If your child asks for new things, help him realize the value of that item and what it would mean for the family budget. This early on, the child should also have an general idea of wants and needs and how to differentiate them when asking for something. If your teens have credit cards, cancel them because you can't afford to pay for their shopping trips anymore.
4.Instill in them the value of good work ethic, being truly responsible and appreciating what they have. Teach them responsibility by helping them budget their allowance, do chores with minimal payment, or with getting a part-time job in the summer. Teach them that money doesn't grow on trees, but you harvest them after doing hard work. This will introduce them to valuing money and placing importance on saving.
We all want our children to understand the importance of saving and managing their own money. It makes all parents' heart overflow with love and beam with joy if they see their children being responsible with their allowance and being prudent with their purchases. If we could, we want to raise children to appreciate the simple things in life and join us in our quest for a frugal lifestyle. WC = 535
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