“My nine-year old son is always asking me for the latest video game, shoes, or DVD, with no thought about the cost of these things. I know I spoiled him when he was younger by buying too many toys and clothes for him. Now I’m worried that he’ll grow up without a clue how to manage money and live within his means. What can I do to teach him about money?”
Just like many adults, today’s children are riding high on the massive wave of consumerism that’s taking over our society. It’s easy for them to succumb to peer pressure and feel that they are not ‘with it’ if they don’t have the latest gear- Heelies, Crocs, Motorola flip phone, Playstation Portable, IPod, and more.
What can parents do to combat all these negative spending influences? Our challenge as care-givers is to substitute positive values that teach children about money – how to earn it, keep it, and make it grow.
To be successful in re-programming our kids, we must first be good role models by practicing successful money management too.