Learn to Rise

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Tip no 7

Decision-making

As much as we try to encourage our children to make smart money decisions, it’s important that we allow our kids to feel in control of their financial decisions. While they are relatively young and the damage can be limited to the extent of their pocket money, let them know what it feels like to make purchasing decisions with their own money. Not only does this develop financial responsibility, it also helps them understand all that is involved in the decision-making process such as price comparisons, market research, cost-benefit analyses, peer pressure, their own emotions (how they feel about parting with their money), and freedom of choice

Tip 3

NEEDS VS WANTS

We all know that it’s important for children to understand the difference between ‘wants’ and ‘needs’, but when children are young everything they desire might feel like a ‘need’. A powerful way of broaching this topic is to talk about what you want ‘now’ versus what you want ‘most’. Not only does this teach children to start thinking about the effects of delaying gratification, it gives them the power to make choices regarding their purchases by considering the consequences. You can either buy that toy now or we can save the money for a beach holiday in December. What would you prefer?