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

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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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Last Updated on January 5, 2022

How to Help Your Child to Get Better Grades

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How to Help Your Child to Get Better Grades

Children are most likely to say that they want to just lounge around or rest for a while after spending hours listening to lecture after lecture from their teachers. There is nothing wrong with this if they had a rough day.

What’s disturbing, is if they deliberately stay away from schoolwork or procrastinate when it comes to reviewing for their tests or completing an important science project.

When it seems that it is becoming a habit for your child to put off school work, it’s time for you to step in and help your child develop good study habits to get better grades. It is important for you to emphasize to your child the importance of setting priorities early in life. Don’t wait for them to flunk their tests, or worse, fail in their subjects before you talk to them about it.

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You can help your children hurdle their tests with these 7 tips:

1. Help them set targets

Ask your child what they want to achieve for that particular school year. Tell them to set a specific goal or target. If they say, “I want to get better grades,” tell them to be more specific. It will be better if they say they want to get a GPA of 2.5 or higher. Having a definite target will make it easier for them to undertake a series of actions to achieve their goals, instead of just “shooting for the moon.”

2. Preparation is key

At the start of the school year, teachers provide an outline of a subject’s scope along with a reading list and other course requirements. Make sure that your child has all the materials they need for these course requirements. Having these materials on hand will make sure that your child will have no reason to procrastinate and give them the opportunity to study in advance.

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3. Teach them to mark important dates

You may opt to give them a small notebook where they can jot down important dates or a planner that has dates where they can list their schedule. Ask them to show this to you so you can give them “gentle reminders” to block off the whole week before the dates of an exam. During this week, advise your child to not schedule any social activity so they can concentrate on studying.

4. Schedule regular study time

Encourage your child to set aside at least two hours every day to go through their lessons. This will help them remember the lectures for the day and understand the concepts they were taught. They should be encouraged to spend more time on subjects or concepts that they do not understand.

5. Get help

Some kids find it hard to digest or absorb mathematical or scientific concepts. Ask your child if they are having difficulties with their subjects and if they would like to seek the help of a tutor. There is nothing wrong in asking for the assistance of a tutor who can explain complex subjects.

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6. Schedule some “downtime”

Your child needs to relax from time to time. During his break, you can consider bringing your child to the nearest mall or grocery store and get them a treat. You may play board games with them during their downtime. The idea is to take his mind off studying for a limited period of time.

7. Reward your child

If your child achieves their goals for the school year, you may give them a reward such as buying them the gadget they have always wanted or allowing them to vacation wherever they want. By doing this, you are telling your child that hard work does pay off.

Conclusion

You need to take the time to monitor your child’s performance in school. Your guidance is essential to helping your child realize the need to prioritize their school activities. As a parent, your ultimate goal is to expose your child to habits that will lay down the groundwork for their future success.

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Featured photo credit: Annie Spratt via unsplash.com

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