Rakshan Abbasi is a volunteer at Sandnes library and she writes for our blog occasionally. The theme today is children and money spending, and how you can make children save more. Take also a look at our book recommendations on the subject.
Money doesn’t grow on trees…
An idiom that most children are not aware of these days, but who is to be blamed? Not children of course, they are exactly following our footsteps. I was recently socializing with a group of young mothers, and their conversation literally haunted me. Buying their children only expensive designer clothes and latest gadgets every year was something to flaunt about.
I know it is hard to break free from the clutches of the materialistic world we are in today; but if parents try genuinely and set a good example for children, they can teach them the value of money. I’m sure some parents will say but children do not listen, yes they don’t, not anymore and that’s because you didn’t say “No” the first time they asked for something expensive. They wished for it and you used the magic wand i.e. your credit card to instantly fulfill it.
Some parents spend a great deal of money on unnecessary things just to satisfy their own childhood dreams. So what if you had less in the past…you turned out fine. Putting a price tag on everything will only quench the thirst for a while, it will not secure the future of your child.
Yes it’s true, everyone wants the best for their children, but there is a fine line between giving them the best and spoiling them. We should always remember that while it is our responsibility to give them the best, it is also our duty to prepare them for the ups and downs of life.
All you need to do is teach them the worth of every kroner you earn and let them make a little effort next time they ask for an expensive gadget. Give them rewards for completing a task or some household chore, and ask them to save from their monthly allowance. Also involve them in family monetary decisions and while making home budgets. Believe me children are smart, they will understand if you are tight on budget.
Most importantly involve them in charity work, teaching them to share with underprivileged people will not only make them smart spenders in future, but also compassionate human beings.
-written by Rakshan Abassi
Want to read more?
Weinstein, Alisa (2011): Earn It, Learn It: Teach Your Child the Value of Money, Work, and Time Well Spent
Mason, Paul (2012) Penger vokser ikke på trær: om penger og økonomi for tenåringer
Noer, Lars Karelius (2013) Teenage boss : bli sjef over pengene dine
Boyce, Frank Cottrell (2004) Millioner
Walliams, (2012)Den rikeste gutten i klassen