Which child has never asked their parents for something and heard “I'll buy it on the way back”? The reality behind this statement may be that the request may not fit into the family budget. For this reason, teaching financial education for children is important, including the distinction between wants and needs.
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Talk to your kids about money
Providing a happy childhood for children is the desire of all parents. However, it will not always be possible to fulfill all the wishes of the little ones. Thus, it is important to talk to children about money and explain the difference between wanting and needing.
For example, if your child wants to win a video game, but the value of the installment for the device is the same as that paid in the monthly school, take the opportunity to talk about money, including why paying for school is more important than game.
Teach them that basic needs must be met first, then desires will be fulfilled. Financial education since childhood is an important step towards a more financially prosperous life.
The conversation with your child will depend on his age and maturity. If you are younger, be empathetic and explain how other items are important at that time. If he is a teenager, it is possible to talk about the family budget and how he can seek other means to satisfy that desire.
Be creative, but don't pass up the opportunity to talk about money
Creativity can be an ally at this time. With the help of coins, beans or tokens, explain how much each thing costs, distribute tokens, and make it clear that there are not enough tokens for everything you want. Therefore, prioritizing is essential, since resources are scarce.
Although it seems like a difficult conversation to have, children and teens are smart and can understand many concepts. Therefore, failing to talk about money and budgeting can make their relationship with finance difficult when they are older.
Alternatives to satisfying desires
It can be difficult for a child to discover that he can't have everything he wants. At this time, parents can help their children to think of alternatives to get what they want. For teens, a plan with tips for saving on allowance is a good place to start. In addition, parents can seek extra chores in the family or with neighbors for their children to earn some money. Remembering that they should be simple and viable activities for children to perform.
