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How To Teach Your Kids To Have The Right Money Mind In This Materialistic World

How To Teach Your Kids To Have The Right Money Mind In This Materialistic World

It’s no secret we live in a materialistic world.

We’re constantly bombarded with messages telling us to buy more stuff, even if we have no need for it all.

It’s bad enough full-grown adults fall into the trap of spending more than they can afford. But it’s even worse when children grow up thinking it’s totally okay to do so.

As parents, we need to teach kids about money management, materialism, and how to find happiness without overspending.

If we do that, we can perhaps create a better future for our world as a whole.

There are a few ways we can do this:

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1. Teach kids about money management

Budgeting and money management gets more complicated as you grow older, but it all sits on the foundation of a single premise:

Don’t spend more than you make.

When we teach kids about money, we need to teach them about long-and short-term savings. They need to understand that if they spend money on candy today, they’ll be that much further away from being to afford a new toy or video game. In a world full of instant gratification, children need to truly grasp the concept of saving their money for another day.

Children also need to be taught about saving for emergencies. Although “emergency” in kid-terms would be a broken toy or ruined book that needs to be replaced, they still need to understand that, most of the time, money isn’t a commodity – it’s a necessity.

2. Teach kids the difference between wants and needs

As just mentioned, kids need to understand that money isn’t just what people use to buy whatever they want. Adults put most of their money toward ensuring they have a roof over their head, clothes on their bodies, and food on the table.

This isn’t to say parents should make their kids pay their share into the monthly electricity bill, but they do need to know that money should be spent on necessities first, superfluous items second. But first, they need to be taught the difference between wants and needs.

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Simply put: A “need” is something you can’t live without, while a “want” is something that – while it may be fun and exciting – isn’t necessary for survival. Kids who grow up understanding this will be less likely to make impulse purchases, and be less likely to overspend, in the future.

3. Teach kids about the psychology of advertising

Going along with the last point, parents should talk to their children about the commercials and advertisements they see on TV and the internet on a daily basis.

An advertisement’s job is to make potential customers think they absolutely need the product being advertised – even if it means sacrificing an actual “need” in their life. As mentioned before, some adults have a hard enough time battling this overwhelming desire to buy, buy, buy. But children actually lack the capacity to understand the psychology behind advertising, and are much more likely to be taken advantage of.

By teaching children to think critically about the messages advertisers send them, we can ensure they’ll learn to spend their money wisely and avoid being sold false promises.

4. Teach kids work ethic

At the risk of sounding cliche, kids need to know that money doesn’t grow on trees.

It sounds simple, but most kids really don’t understand how hard their parents work – because they never see it happen. They don’t see the paycheck their father brings home, and they don’t see the checks written to the utility companies. Since they don’t see all this, children often think money is an infinite resource.

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We adults know that money only comes from diligent effort and hard work. We need to instill this idea in our children as soon as they’re old enough to clean their room and make their bed on their own. Instead of just giving them an allowance, make them earn it. Explain how they can earn more by doing more to help out around the house – but also that not everything they do will result in them earning more.

It’s the way of the world, right? The earlier they learn, the better off they’ll be.

5. Say “No” Once in a While

Remember: You’re the adult, here.

No matter how well you teach your kids about money management, the difference between wants and needs, and withholding pleasure, they’re still going to try to get you to compromise as much as possible at times.

The problem is, once you start compromising, it becomes a slippery slope, and becomes harder to say “no” when you really can’t afford a new toy or gadget for them to play with.

When children are upset, they don’t listen to reason. If you say “no” and they start to pout, you won’t be able to teach them anything about money management until they’ve calmed down. For the time being, there’s no shame in falling back on the “Because I said so” card.

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It may lead to a short-lived tantrum, but they’ll eventually learn the lesson you’re aiming for – as long as you reinforce it and don’t budge on the decision you’ve made.

6. Practice What You Preach

Above all else, as a parent you need to act as a model for your children when it comes to money management and materialism.

If they see you going to the mall every weekend and returning with new clothes, new shoes, and other superfluous items, what do you think they’re going to do?

Of course, you work hard for your money and deserve nice things. But don’t confuse “nice things” with “things you want right now and will never use again.” Before you buy something, put some thought into how you’re going to use it so that it doesn’t end up collecting dust.

Teach your children that they should only spend money if they’re going to use whatever they buy wisely. As long as they have a practical use for everything they spend their money on, they’ll avoid overspending and falling into the trap of materialism.

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Matt Duczeminski

A passionate writer who shares lifestlye tips on Lifehack

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Published on September 10, 2020

How to Be a Better Parent: 11 Things to Remember

How to Be a Better Parent: 11 Things to Remember

Two of the most challenging jobs in the world are raising a human being and being the best parent possible for them. Raising a child without implementing specific rules is not enough, however. The job has to be done in such a way that when you’re “done,” you’ve already created a loving, responsible, self-sufficient, kind-hearted, thoughtful, empathic, and respectful persona. Hence, it is ideal to lower the bar a little and start learning how to be a better parent.

Don’t get me wrong; mistakes will be made along the way. You won’t be perfect, regardless of how hard you try.

And no matter how great a job you do, your child may have issues beyond your control. Remember, they will be born with a will of their own that may conflict with yours. Nevertheless, carrying out the following tips will provide you with the best chance to create a fantastic human being of whom you can be proud.

1. Listen

I knew a couple who had a daughter. She was smart, sweet, and as cute as a button, but her parents were old school. They believed the adage that a child should be seen and not heard. She might as well have been a doll in a curio cabinet. Unfortunately, this little girl had a lot of exciting ideas and things to say. I knew this because she would share them with me on the occasions that we were alone.

Children are interesting, funny, and curious, and they look upon you — their parent — as a hero. They have a wealth of knowledge and a great perspective on life. Listening to your child is one of the greatest gifts you can offer. They will feel valued and grow up knowing that they matter.

It’s not always easy to listen. Sometimes, children will carry on without saying anything profound. But if they believe you’re listening, they will feel important and provide you with amazing nuggets of information.

Note: Make a real and honest effort when you are listening to your children. Don’t listen while multitasking and muttering, “Hmm, that’s nice, dear!”

Sadly, I’ve seen lots of parents on their phones, their heads buried in Facebook or Instagram feed, while their child tries unsuccessfully to get their attention. In his book, The Road Less Traveled, M. Scott Peck, M. D., wrote, “You cannot truly listen to anyone and do anything else at the same time. True listening, total concentration on the other, is always a manifestation of love.”

2. Provide Unconditional Love

I knew a mother who loved her son so much, but her love came at a high price. When he behaved as she expected him to — getting recognition for being a star athlete or academic achievements — she showered him with love. In truth, she bragged and put up framed newspaper articles of her son’s accomplishments.

That same boy, though, went through a rough patch when he was a senior, becoming unruly and hostile. Down came the framed article, and up came the silent treatment.

Providing unconditional love creates a secure bond and a healthy person. Knowing you have your parent’s love no matter what makes a fantastic anchor for the child. They know they can mess up and still be loved. They know they can come to you with their worst offenses, and while you might get upset, your love will remain intact.

3. Teach by Example

Children watch and listen to you very closely. You may think that they’re not paying attention, that they’re in the other room, playing with their Legos, but they are listening.

If you want to teach your child, lead by example.

For instance, if you want them to eat healthy foods, eat healthy foods. If you don’t want them to pick up bad habits, like smoking, don’t smoke. If you don’t want them to be violent, be peaceful. If you wish to raise a trustworthy child, keep your word.[1]

If you want to teach your child how to communicate, speak kindly and listen with an open heart. Whatever you want your child to learn, be willing to do it yourself. You are the best teacher for the job!

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4. Spend Time Together Often

Life is full of work, errands, get-togethers, appointments, etc. It’s easy to get lost in all the hustle and bustle and not leave enough time for your children. I know busy parents who set their children down on the couch to watch TV or play with an iPad while they’re working.

Occasionally, that isn’t a bad thing. But regularly, it can create a gap between you and your child.

You can avoid being an absentee parent by spending time with your children every day. Talk to them about anything; ask about their day. If you can, allow them to help you with household chores. E.g., cleaning, folding laundry or stacking dishes in the dishwasher.

They’ll feel good when they know you need them, and you can use this as a family bonding opportunity.

5. Follow Through

Follow through creates trust in your child. They will believe that what you say you’re going to do will genuinely be done.

Children are very perceptive. Let me reiterate: they are always watching and listening.

For instance, I was on a walk one afternoon with my granddaughter and her parents. The little girl was asked if she wanted to ride the stroller, and she replied, “No, I want to walk.”

My daughter-in-law responded, “Okay, but if you get tired, I’m not carrying you! Understood?”

After about 15 minutes, my granddaughter complained that her legs hurt. She started whining and complaining. When my daughter-in-law picked her up, she commented, “I thought you said you weren’t going to pick me up?”

My daughter-in-law did not follow through, and her daughter knew it. She was only four years old.

You see, when parents say things and end up not doing them, they become empty threats — words without any back-up.

Following through is critical in raising a responsible adult. You need to be kind, clear, and concise.

The child has to know that you mean business. If you tell them they’re not having a sleepover unless their homework is done, then the homework better be done. If it’s not, there will be no sleepover.

It doesn’t matter if you had plans with your friends or a date with your husband. Just make sure that whatever the consequences are for your kids’ bad behavior, you can back it up with action.

6. Focus on Positive Qualities

There is an old American proverb that says, “The squeaky wheel gets the grease/oil.” It is used to communicate the notion that the most clamorous problems are the ones that will more than likely get noticed.

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If your child is well-behaved and minding their own business, you might be tempted to let them be. On the other hand, if they are acting out and making a raucous, they may get a lot of attention.

This sends the message that the kids have to misbehave before you focus on them. Bad attention, after all, is better than no attention.

Positive attention is paramount. If you only pay attention to your child’s negative behavior while ignoring their positive qualities, you are robbing them the chance of being their best selves.

Simply notice all the things you love about your kids and minimize the criticisms. That’s especially essential when you have children between the ages 0 and 5. Since they are impressionable, whatever you say often will stay with them for the rest of their lives.

Here are more ideas on how to think positively despite the circumstance: Turn to the Bright Side: 10 Ways to Encourage Post-Incident Positive Thinking

7. Apologize When Necessary

We all make mistakes. There are some parents, however, who don’t apologize no matter how many mistakes they make with their children. They incorrectly assume that apologizing is a sign of weakness.

Well, nothing could be farther from the truth. As we have learned before,[2]

“Apologizing to your child is a sign of respect for the overall relationship you have with him.”

Making mistakes is human. I guarantee you that your child will not think less of you. If you fail to apologize, you miss out on a teachable moment about the importance of taking responsibility. After all, you want your child to apologize when they do something wrong.

If the kids lie, lash out at another child, or break something of value, you want them to own up to it and apologize for what’s happened. It is during these moments that you teach your child that an apology is the right course of action. If you don’t do the same thing, what exactly are you teaching them?

You may find it difficult to apologize because you feel superior or fear losing your authority. In truth, your child will see you as a human, and they may feel closer to you than ever.

Show your kid that no one is perfect, that you all make mistakes in life. Apologies can correct so many wrongs. Just a few simple words can cure the worst transgressions.

A word for the wise: put your ego aside. Say you’re sorry and move on. If you can do that, you will be building a strong relationship — one based on love and respect — with your children.

8. Allow Kids to Be Who They Want to Be

My maternal grandfather, Pánfilo D. Camacho, was a lawyer and author in Havana, Cuba.[3] He expected my uncle, Jorge Camacho, to follow in his footsteps.[4] My uncle, however, wanted to be an artist and fulfill his dreams in Paris, France.

At the time, my grandfather did not see art as a “real job” or something that could provide security. Despite knowing how his father felt, my uncle met with him and explained that his goals. Thankfully, my grandfather thought about it and gave his only son his blessing. He also helped with all the necessary expenses to get my uncle to Paris and study with the best of the best.

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My uncle became a very celebrated artist in France. Jorge Camacho’s amazing surrealist art is still sold today.

This scenario could have played out quite differently if my grandfather dug in his heels. He could have forced my uncle to become a lawyer just like him.

Fortunately, he realized that allowing my uncle to be who he wanted to be was the right thing to do. And it was. My uncle was grateful and made a name for himself. My grandfather was proud, and their relationship grew strong.

Allow your child to be who they want to be, not who you think they should be. After all, it is their life — their journey. You’re just there to watch and provide guidance whenever necessary.

9. Grow Along With Your Children

Children grow and evolve, just like us. It’s important to grow with them and adjust the way you discipline and talk to them.

For example, if your 4-year-old misbehaves by bending the truth or whining, you may ignore their antics and stay calm with regards to the lying. This is common for this age group.

If you’re dealing with an 8-year-old, your child understands the difference between right and wrong and looks to you for guidance.[5]

Meanwhile, teens need to be addressed in another way. That is a difficult and challenging age group — one that deserves great care and attention. You cannot talk to your 16-year-old as if they were still 9!

10. Validate Their Feelings

While growing up, lots of things that generate a multitude of feelings happen. As a parent, you want to take the time to validate your child’s feelings. Don’t be dismissive and act like their feelings are not important.

The other day, my 8.5-year-old granddaughter came over. I could see that she’d been crying. When I asked if she was, she looked at me with sad eyes. My granddaughter informed me that she missed her best friend whom she hadn’t seen for almost six months since the community quarantine began.

I didn’t say, “Don’t worry about it; you’ll see her someday! Now, run along.” Nope. I looked her in the eye and said, “It must be so tough not to see your best friend for such a long time.”

My granddaughter’s eyes welled up with tears as she nodded. I validated her feelings, and she felt heard. As it turned out, her little friend was allowed to visit the next day. She came over to my house again, but this time, she exclaimed, “This is the happiest day of my quarantine!”

If you do not validate your child’s feelings, they will think that their feelings are unimportant and learn not to share them at all. You don’t want that, of course.

You want to have your finger on the pulse of their emotions. You need to make sure they come to you in the future when heavier things come down the pipe.

Here’s an example of WHAT NOT TO SAY: Your teenage daughter comes to you and utters, “Richard broke up with me. I’m devastated!” Then, you reply, “Don’t worry about it! There is plenty of fish in the sea — probably even better ones. You’re too young anyway.” You might as well have stabbed her in the heart.

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Instead of doing that, try saying, “That is heartbreaking. You must really be hurting. If you want to talk, I’m here to listen.”

Listen and communicate with compassion.

11. Ask Open-Ended Questions

Whenever I used to pick up my 16-year-old grandson from school, I’d make the mistake of asking, “How was school today?”

You can probably guess the answer. It was always the same, “Good!” Just one lonely word.

So, I decided on another approach: asking open-ended questions. The next time I picked him up, I asked, “So, what was the best part of your day?”

It was impossible for my grandson to just reply, “Good.” He was forced to stop and think about some incidents that already happened. It doesn’t matter what they tell you; the key is to get them to talk. That’s how you learn what’s going on in their lives.

This not only works with children but also with adults. For example, when you ask someone, “Do you like your job?”, they may answer yes or no. But if you say, “What do you like or dislike about your job?”, you’ll get a lot of information.

Open-ended questions are the key to getting more information than you’ll know what to do with!

Final Thoughts

Being a good and responsible parent can be one of the most rewarding tasks in the world. It is not effortless, however. It takes a lot of work and patience.

Implementing the above-mentioned 11 suggestions won’t guarantee a perfect family, but you will have a solid base to build and grow upon.

Your child is a reflection of you. What do you wish them to reflect?

Learn how to be a better parent and help produce a legacy of outstanding humans.

More on Improving Your Parenting Skills

Featured photo credit: Gabe Pierce via unsplash.com

Reference

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