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5 Reasons You Should Only Give A Small Amount Of Money To Your Kids

5 Reasons You Should Only Give A Small Amount Of Money To Your Kids

As parents, most of us want our kids to have nice things, and enjoy the benefits that money can bring.  For many of us, it is very tempting to offer our kids the sort of luxuries we might not have had the opportunity to experience when we were growing up.

Seeing the smile on your son or daughter’s face when you surprise them with the latest toy they have been talking about non-stop, or an excursion they have been dying to go on is a priceless feeling.   Nothing is better than spreading joy to a child.  However, is there such a thing as too much giving?

It’s understandable that parents would like to give the best to their kids, but when treating your children to gifts and surprises too often, potential problems can arise.  This is especially true when it comes to money.  Here are five reasons why you should only give a small amount of money at a time to your kids, even if you’re rich:

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1. Spoiling your kids can lead to poor behavior and attitudes later in life

David Bredehoft argues in his studies on Childhood Overindulgence and Young Adult Dispositions that overindulging your children by giving them too much money, or toys can result in dysfunctional attitudes as they transition into young adulthood.

In his studies, the more spoiled a child was, the more self righteous they were likely to believe themselves to be.  Furthermore, children that had been over indulged tended to see themselves as less effective than the children from other groups.

2. Teaching your kids about wants versus needs

Whenever kids have too much money at a time, it is all too easy for them to satisfy every desire on a whim.  Every child will naturally want the latest toys to come out, like a gaming console, or perhaps the new iPhone that just hit the market.

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This is normal behavior, as constant bombardment by the media practically trains our children to seek out these luxuries.  Because we live in a society that rewards instant gratification, it is important to instill in your kids the differences between wants and needs at a young age, so as to prevent bad spending habits later on in life.

One way put this concept into perspective is by explaining the amount of work required to obtain the money for a specific purchase.  For example, if your child learns that it takes an average of say 30 hours of work to buy a Playstation 4, ask them how willing they would be to work that many hours, on top of the amount of time it takes to pay for things like food and shelter.  This can help them to appreciate the amount of extra work necessary for the luxuries they desire.

3. Giving only small amounts of money imparts big lessons on savings

Building upon the last point, if a child is adamant about wanting something, giving it to them straight away might not be the best decision.

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By setting a weekly allowance, parents can teach big lessons about the importance of savings.  If your child wants a new item, they will have to save up to be able to afford it, which means limiting other purchases.  This will prevent your child from developing the bad financial habit of impulse spending.

Whether or not you require your child to complete chores to receive the allowance is up to you.

4. Kids don’t recognize the actual value of money

With the advent of the digital age, the value of money is becoming less and less recognizable for kids.  With the increased use of credit and debit cards, rare is the case anymore when money is actually changing hands during a purchase.  Without the tangible exchange of paper money, it can often be difficult for kids to realize the significance of the spending that is occurring.

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A recent survey by T. Rowe Price on brandable domain names reports that while 60% of kids say they participate in online shopping, almost 75% rarely, if ever, go to a bank.  This disconnect between the purchases our children are making, and the actual financial institutions that facilitate them is troubling, to say the least.

By making your kids give you real paper money in exchange for the use of your credit card for an online purchase, you can help them to realize the value of the money they are spending.

5. Giving your kids too much money can build the wrong sort of expectations

Giving your kids too much money may be setting them up for failure from the start.  Kids who have constant access to money will quickly become accustomed to a certain sort of lifestyle, and they may continue to expect it as they grow older without ever learning the action necessary to maintain their desired standard of living.

What happens when they are released into adulthood and no longer have an endless supply of money to support them?  Certainly the results are not pretty.  The best strategy is to limit the amount of money your kids have from the start.  This will prevent attitudes of entitlement from ever developing, and limit the false expectation that the gravy train will keep on rolling forever.  Your kids will learn that there is no free ride in the real world, and instill in them a work ethic that will benefit them for the rest of their lives.

Featured photo credit: Spc. Bobby Allen via flickr.com

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Last Updated on July 4, 2019

25 Killer Sites For Free Online Education

25 Killer Sites For Free Online Education

Whether you’re five or ninety five, the internet has a lot to offer. Particularly when the topic is education, the resources on the internet are endless.

Best of all, many high quality sites are completely free. From history to coding, excellent free online education awaits on the following 25 sites.

1. Coursera

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    Coursera is a website that partners with universities and organizations around the world. This brings a wide variety of topics and perspectives to one searchable database.

    Coursera is a powerful tool for free online education, and includes courses from many top universities, museums and trusts. This gives the site an extremely wide range of in-depth courses.

    Coursera is extremely useful if you’re looking to study many different topics, or want courses from different schools and groups.

    2. Khan Academy

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      Partnering with many post secondary schools, Khan Academy offers a useable, well organized interface. Also curating many courses from around the web, Khan Academy offers impressive depth on many different subjects.

      Among the more well known educational sites, Khan Academy is also incredibly useable, which may make it easier to keep learning goals.

      3. Open Culture Online Courses

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        If you are struggling to find exactly the material you are looking for, try Open Culture’s listing of free online education courses. The page highlights 1000 lectures, videos and podcasts from universities around the world. The site features a lot of material found only on universities private sites, all in easy to browse categories. This means you can find hundreds of university courses, without having to visit and search each university’s own site.

        Open Culture’s list features courses from England, Australia, Wales and many state universities around the United States. A very helpful resource for finding many courses in one area of study.

        4. Udemy 

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          Udemy’s free courses are similar in concept to Coursera’s but additionally allows users to build custom courses from lessons.

          Working with many top professors and schools, the site mixes the customizable platform of other sites with a heavy emphasis on top quality content. This is another site however, that mixes free and paid content.

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          5. Academic Earth

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            Another site with courses from many different schools is Academic Earth. Much like the three sites above, Academic Earth brings together top notch courses from many different sources, and focuses on offering a wide variety of subjects.

            Academic Earth lists courses by subject and school, so it might be easier to find what you’re looking for.

            6. edX

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              Another great option for free online education is edX. Also bringing together courses from many different schools, the site has impressive, quality information for everyone. edX covers a great range of topics.

              7. Alison

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                Unlike the previous sites on this lists, Alison is a free education site offering certification in some areas. Alison offers courses mainly in business, technology, and health, but also includes language learning courses.

                It’s a great option if users need certification for their learning as Alison also offers school curriculum courses.

                8. iTunesU Free Courses

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                  A very convenient place for free online education is iTunesU, because it integrates seamlessly with your iPod, or any app-ready Apple mobile device. On iPad, iPhone, or iPod touch, users download the iTunesU app.

                  Desktop users can access  iTunesU on the upper right hand corner of the iTunes Store. iTunesU is also convenient because the store is categorized much like iTunes.

                  Users can search learning materials in many different ways, including genre and topic. However, courses are often a mix of free podcasts or videos, and paid content.

                  ITunesU does include courses on a pretty wide scope of topics, but does not integrate with Android, Google or Windows mobile devices.

                  9. Stanford Online

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                    Your hub for all the online offerings from Stanford University, Stanford Online offers self-paced and session based courses. While Coursera features some courses from Stanford, many classes are only available via other hosts. Some courses require iTunes, but most are completed in your web browser.

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                    Stanford Online is a great site for high quality courses, though the topics are somewhat limited compared to sites partnered with more than one school.

                    10. Harvard Extension

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                      Like Stanford Online, Harvard Extension features free online education courses from Harvard only. This is another excellent source for top notch course material, though the course variety is less rich than multi-school sites.

                      Additionally, Harvard Extension allows you to search for courses by professional certificate. This makes it much easier if your online education goal includes certification.

                      11. Open Yale Courses

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                        Open Yale Courses echoes Harvard Extension and Stanford Online, in that it offers only courses from Yale. While the site is similarly limited to topics taught at the school, Open Yale Courses offers a lot of videos of actual campus lectures. The availability of videos makes the site a great option if you’re looking for quality courses, but learn better by watching than by reading.

                        12. UC Berkeley Class Central

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                          Much like the other schools on this list, UC Berkeley has a variety of free online education options. The school has slightly fewer courses than the schools above, but includes some supplementary lectures, webcasts and RSS Feeds, making it easy to keep up with the topics you choose.

                          13. MIT OpenCourseWare

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                            Similarly, MIT offers a variety of free courses. The school has a comparable number of courses to the schools above, plus includes very in-depth course materials on the subjects available. MIT also offers free RSS feeds, a convenient way to continue learning.

                            14. Carnegie Mellon Open Learning Initiative

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                              Carnegie Mellon’s free online education site is comparable with the other school’s on this list, however, Open Learning Initiative also covers a smaller range of topics. But for the topics that are covered impressive, in-depth material is available.

                              15. Codecademy

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                                Codecademy is a website dedicated specifically to teaching coding. Where other coding sites follow an example/practice session workflow, Codecademy includes a live practice window. This means you can practice coding while still viewing the lesson material.

                                The courses at Codecademy are well written and easy to follow and the website is organized very nicely. Codecademy features a centralized dashboard where you can monitor your progress, plus organizes lessons into complete modules. This lets you learn an entire language without needing to pick the next course manually.

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                                16. Code

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                                  Code is another website focused on coding and app writing. A site with high quality courses, Code also features learning options for kids.

                                  In addition to kid friendly courses, Code offers free online education classes on a wide variety of technology topics. These classes include app writing, robotics and Javascript.

                                  Most of the courses are also geared in a such a way that they can be useful in a classroom setting. This makes Code a great resource for harder to find coding topics, as well as various learning settings.

                                  17. University of London Podcasts

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                                    The podcast page on the University of London website is another great source for free education. While the courses are limited to podcasts, the site features podcasts from it’s own campus, as well as eleven universities in and around London. This gives learners a wide base of topics and lectures, but still ensures in-depth material.

                                    18. University of Oxford Podcasts

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                                      Similar to the University of London, the University of Oxford features many different podcasts. Most are public lecture series or lectures from visiting professors, with several different recordings available.

                                      The advantage to this particular site is that podcasts are organized into series, making it easy to subscribe to multiple lectures on one topic. Another good site for thoroughly in-depth lectures.

                                      19. BBC Podcasts

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                                        For the more casual learner, the BBC offers a wide variety of podcasts on many different topics. Most podcasts are updated weekly, and focus on everything from finance, to sports, to current events.

                                        Through the World Service line of podcasts, there are also many in different languages. The focus of these podcasts are less in-depth and theory based, which may be more accessible to the average person.

                                        20. TED-Ed

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                                          Another great destination for more general learning is TED-Ed. From the same people that brought you the all encompassing, motivational web series, comes a site chocked full of educational videos. Most include impressive animation, and all are ten minutes long or less.

                                          Not only is TED-Ed an excellent site for the curious, it also includes supplemental materials and quizzes on the videos. This makes the site extremely useful in formal education settings, as well as in entertaining ways to brush up on new discoveries and topics.

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                                          21. LessonPaths

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                                            LessonPaths is another great tool for those looking for a more usable and convenient way to access learning material. On this site, users create link playlists of their favorite learning materials from other sites. Users then rank these collections, making it easy to find many different high quality, accessible sources on a given topic.

                                            22. Memrise

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                                              Another impressive free online education site offering ease of use and convenience is Memrise. Available both on desktop and as an app, Memrise is a particularly powerful tool if you are studying a language. The site encompasses many other topics as well, though some of the course material is user generated content.

                                              Part of what makes Memrise special is their integration of games into the learning materials, mixing learning with entertainment.

                                              23. National Geographic Kids

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                                                The kids site for National Geographic is another site that makes free online education applicable for younger users. For those looking for kid friendly education, a large variety of games, puzzles, videos and photos keeps kids interested on this site.

                                                National Geographic Kids doesn’t organize learning into courses, making materials available by topic and medium instead. This makes National Geographic Kids a good option for those looking for a more casual learning environment.

                                                24. Fun Brain

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                                                  Fun Brain is another good option for kids who want to learn online, but focuses on games and fun puzzles. Particularly focused on math and reading, Fun Brain’s game based approach can be valuable if the child in question struggles to pay attention.

                                                  Fun Brain offers rewards and challenges as well, and is another site aimed at a casual learning experience for kids K-8.

                                                  25. Whyville

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                                                    Similar to the sites for kids free online education is Whyville a destination for preteen online learning. The site includes a variety of social features, with a focus on learning materials geared for young teens.

                                                    Whyville also mixes in educational games, to make the site a well rounded option for kids too old for simple games, but too young for heavy reading based material.

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                                                    Featured photo credit: Dai KE via unsplash.com

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