Although I have no children of my own, I work with children daily in a childcare setting and can empathise with the “more, more, more” pressures that parents/carers must feel from the influences of television and advertising.

With the Western world’s current financial woes, these are hard times for many and it must be hard to avoid the temptation to buy everything that your child desires when their friends have it.

My advice is to teach your children to value what they have and here are a few pointers that I learnt as a child which worked for me that I value greatly.

  1. Give your children a small allowance each month - if they see something that they want to buy, encourage them to save for part of the cost, rewarding them if they reach their target, so for example if it costs $100, reward them if they are able to save and contribute $55.00 towards the purchase. This gives them the incentive to save for it and importantly, teaches them about the value of money.
  2. Reward them for achieving little goals and their achievements - so for example when they come home with their school report cards, regardless of their grades (if they have worked hard to achieve it), reward them and celebrate in some way, such as taking them out to dinner. This teaches your children to work towards what they want in life and that luxuries are not things that are just handed out.
  3. Respect their individuality - it is important not to expect things to be perfect. Encourage them to create what they want by working towards it. It is better not to compare them with their sibling(s) or to other children, but to encourage them to do the best that they can do for themselves. Teach your children to appreciate life and celebrate it passionately.
  4. Minimise television/computer use but do not ban it - my sisters and I were always encouraged by our parents to look in the television program and see what was on rather than just leaving it on and flicking through the channels. If nothing is on that they want to watch or if it is inappropriate, why not offer to play a game with them or give them some other ideas like baking a cake or doing something creative. This could be making something, painting, drawing or reading. This of course will vary depending on the age of the child. Give them a certain time of day when they can go on the computer and give them a time limit and stick to it.

Do you have any other ideas to share that you have find effective as parents or carers when teaching children the value of money?

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