HELP: I'm concerned that my kids are too entitled.

By BERN MORLEY.

My husband and I saved long and hard for our first home deposit. There were so many years of studiously squirreling money into an account, working overtime and basically erasing overseas holidays from our memories. Don’t get me wrong, it was our choice and we were at that stage in our lives where we could dedicate the time and energy to do so. I am concerned though that my kids are too entitled. That all that they see around them, although quite modest in the scheme of things, is what they believe they should have. Do they understand that to have what we have, we’ve had to work hard and save for?

Just as an FYI, you should know that this post is sponsored by the Commonwealth Bank. But all opinions expressed by the author are 100% authentic and written in her own words.

Children need and should be able to enjoy a certain carefree existence. But how do we get them to appreciate what they have and to strive towards something in the future? Where is the middle ground?

By leading by example. By setting goals. By making it fun.

Parents with Children Aged Birth to 5

• When shopping with your child, don’t get into the habit of buying them something every time you go out. I know it’s an easy trap to fall into. You want to keep them happy and to be honest, there is a part of you that really enjoys doing it for them. But it becomes nothing more than a bad habit they both expect and eventually, no longer appreciate.

• Use cash and cards to pay for things: Always paying for things using your debit or credit card doesn’t help kids to understand or recognise physical money. Next time you make a small purchase, like buying bread from your local bakery, use cash and let your child hold the money as well as see the money leaving their hand.

Parents with Children Aged 6 to 9

• Set up a savings and spending bank for their pocket money. Every time your child receives pocket money or money gifts from birthdays, encourage them to divide it between a savings and spending piggy bank. You can even be creative and make your own with shoeboxes.

This helps children learn how to manage money.

• Help your child set a short savings goal. For example, if your child wants to buy a video game or a specific toy, create concrete steps to help them save their money to buy it.Children of this age will have a much better concept if the goal is achievable over a 2 – 4 week period rather than say, over a year.

• Talk about saving in a positive way. Explain what you’re saving for and how you’re excited about this.

Parents with Children Aged 10 to 15

• As children hit their teens, they often become a lot more interested in spending money than saving it. Continue to talk about the importance of saving, even if it seems like they aren’t listening.

• Talk about advertising and how kids are being targeted to spend money. Help them make sense of the messages that bombard them. Encourage them to save money instead of spending it so quickly.

• Set an example by showing them your own savings account. It might be a dedicated holiday account. Make them understand that the holiday they get to go on isn’t a given, it takes sacrifice and needs to be appreciated.

• Have them bank a proportion of their wage when they get their first job. This is just an adult version of the shoeboxes system. Save a little, spend a little. Understand both are vital and have their rewards. Monitor this!

If you want to find out more ways to help your kids with saving, check out The Beanstalk , CommBank’s new online resource for parents which offers tips, articles and downloadable kids’ activity sheets for home. It’s great.

As Australia’s leading financial institution, the Commonwealth Bank is committed to helping young 

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