Some parents feel like they must give their children whatever they want, despite the cost. They feel that if they say “no” to their kids, their children will feel unloved or neglected. This is simply not the case. Kids just want to be loved. They don’t need all the fancy gizmos and gadgets. They might think they do sometimes, but deep down they just want their parents to spend quality time with them and they want to feel accepted by them.
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kids and money
Sesame Street has a website that parents and educators can use to teach kids about money, making choices, and more. Children learn about money by observing their parents and by following their example. As a parent or educator you can guide your children’s understanding with easy activities about making choices, determining what is valuable, sharing, spending, saving, etc. As a result of this education, your kids will grow up to make good financial decisions. The process of learning should be fun and at their level. Check out this link for ideas and activities: http://www.sesamestreet.org/parents/save
There are times when it makes sense for parents (who can afford it) to lend money to their adult children to help with post secondary education, a down payment on a home, etc. However, this isn’t always the best idea and it’s important to really discuss things thoroughly before making a decision.
Every parent wants to be able to help their children, no matter what their age, however, at a certain point it is important for children to become financially independent. If parents continuously bail their kids out when they overspend, they are not helping their children at all. Why? Because their kids need to learn that there are consequences for being irresponsible with their money. Kids will never learn this if Mommy and Daddy always foot the bill when they make a mistake.
Although I am not yet a parent, I have played a role in teaching my friend’s child that he can’t have everything he wants. Although parents want to give good things to their children, there are times when they have to say no. It is not only beneficial in terms of staying within a budget, but it is also healthy for children to learn that they are not entitled to everything that they want. After all, the world does not revolve around them.
Several years ago my friend and I went shopping at Safeway and she brought her then 2 year old son. To my surprise, as we went to the check out to pay for our purchases, her little son began screaming at the top of his lungs “my doo doo, my doo doo!” I had no idea what he wanted at first, but my friend soon filled me in. Apparently every time she went shopping at Safeway, her son demanded her to buy him a small toy car that was visible from the check out counter and she gave in every time in order to avoid a tantrum.
There are a lot of great resources online that will help you teach your children about money, whether you are a parent or a teacher. One website that is a one-stop shop is MoneyInstructor.com. The website contains all kinds of lesson plans, worksheets, and activities designed to teach kids about finance and other basic subjects. Most of the lesson plans are geared towards elementary school aged children.
You will find worksheets that teach basic math skills, how to count money, how to tell time, how to read a calendar, and a whole lot more. There are also activities that teach kids about bank accounts, different types of investments, and so on.