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Home / Parenting

How to talk to your kids about financial privilege

 Let them know that you work very hard for your money (Shutterstock)

When money is not a problem, naturally as parents you will be inclined to give your kids the best life dollars can buy.

If life was especially hard for you, you will somehow find yourself over compensating for what you lacked.

Your kids will likely never hear the word ‘no’ when it comes to getting the latest video game, trips and trinkets that make them happy.

However, there is the issue of your kids growing up with an entitlement attitude. And to be honest, this is something that should concern you.

They need to understand that your money is just that, your money, and not theirs.

For this reason, they need to see the value of every penny and forge their own successful paths without relying or expecting to fall back on family wealth.

Here are some tips on how you can have that conversation with your young ones.

  • Set a good example

If you’re always splurging and living like money is there to be spent on a whim, your kids will emulate your behavior. Kids pick up behavioral cues from their parents.

How you act with money is how they will go grow up. Teach them proper financial habits through your actions.

Help them understand the importance of budgeting, saving for things they want, being patient and waiting to purchase a certain item at a later date and that retail therapy is not the way to go to cheer yourself.

This will send a message to them of the importance of setting limits and self-control.

 Teach your children proper financial habits through your actions (Shutterstock)
  • Start early

As soon as your child starts to grasp the concept of money and spending, talk to them about it. Be open and let them know that one must work hard for money and, therefore, it should be spent wisely.

Once they can count and do basic math, you can go deeper into finances. This could be as simple as teaching them how to add the total cost of groceries and how much change will remain once deducted from a note.

This way, they will see how money works.

  • Reveal to them your financial status

Being wealthy is a privilege many chase and you should not be ashamed of your financial situation.

Let them know that you work very hard for your money and you have gotten to a point where you can practically afford anything if you choose to.

However, you have chosen to be content with enough.

Let them know that the flashy life and over spending that is constantly being pushed on society is not the way to go. They need to appreciate what they have and work hard for their own money once they grow up.

  • Build on experiences

Despite what many may argue money does not buy happiness. For this reason, you should foster more on presence and positive experiences that don’t cost any money.

Look for ways to spend quality time together as a family without having to go to the mall or ordering takeout. Play board games, ride bikes together or enjoy some movies in the comfort of your home.

If aunties and grandma want to spoil the kids, steer them towards experiences rather than gifts. This way they will value people and connections more than money.

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