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Help Your Child Become Disciplined Money-Wise

by Rosanne Lorraine | September 23rd, 2008 | Elementary

Nowadays, a lot of people are struggling financially because of the downturn in the economy. Consumer spending is curbed because people are saving their money for rainy days. But for moms and dads, the situation can become complicated when they are shopping with the kids. Parents always think twice before indulging in their favorite restaurant or buying new shoes for themselves. However, when their kids ask for something, their hearts inevitably melt, and they can’t say no to their kids.

No matter how trivial the item is, parents’ often don’t want to disappoint the child. It is important to realize though, that these types of gestures might be more harmful over the long term. No one can say that overindulgence is a good thing. And this is what you’ll be doing if you buy your kids everything they want at the expense of your financial health. Even if you’re not struggling financially, it is still essential for your kids to learn the value of money early.

Talk to other parents – getting outside advice can be helpful in letting you know where you should draw the line. You can talk with other parents on how all of you can discipline your children. Friends have a big impact on what youngsters want to buy.

Thrift isn’t deprivation – being thrifty doesn’t mean you’re depriving your kids of their needs. It is important to emphasize that it is not necessary to overspend in order to become a good parent.

Set an example – if your kids see you buying everything in sight, they will follow your example today and in the future. So set a good precedent for discipline and thriftiness.

Splurge occasionally – buy something that is extra special.  However, don’t make this an every shopping trip event.  If it is done infrequently, your child won’t expect you to indulge in such a fashion and will appreciate your generosity.

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