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.