Everyone has heard the cliché.
"Once the kids arrive, life is over."
"Children are the most expensive investment, except the return is not guaranteed."
During these tough economic times, it is more important than ever to raise financially-savvy children. These tips below will help any parent (cash-strapped or otherwise) smarten up their kids about money.
Restrict Media Use
It is understandable that parents do not want to appear as heartless dictators when it comes to the media (especially the internet), but parents need to draw the line when it comes to children spending too much time consuming information in the media.
Isn't it frustrating that most of the media content is either negative or useless? The kind of media that gets exposed to children daily is, in a nutshell, usually telling them to "be sexy or attractive", "to buy", or simply to "consume resources". It is not surprising that children nowadays want the the latest cellphone model, the most fashionable attire and the hottest celebrity gossip (which usually involves who is wearing what).
All of this steady diet of consumerist media is good for the businesses who sell these products, as they create a sense of desire among consumers who spend money on whatever products they are peddling. On the other hand, it also creates dissatisfaction with things already owned in consumers' minds. Thus, children learn early on that it's not cool enough to own Nike sneakers if they're not the latest model seen on the most popular athlete's feet; it simply won't do to just have a bag to lug things around if it's not the latest "it" (and usually branded) bag.
How do parents cope with the pervasiveness of modern media? After all, it's everywhere: on the street, in school, on public transportation, in the mall; even the privacy of one's own bathroom cannot shield children from it (just try to count all of the advertising present on bathroom items!).
When children are home, turn off the television and limit internet use to just a few hours. That will decrease the amount of time they get exposed to modern media. They can whine all they want, but parents need to be parents and set limitations.
Emphasize Free Activities
With the restriction on media at home, parents have to come up with alternative activities to keep children occupied. Luckily, a plethora of free activities abound, on the internet, no less!
Using Allowance to Teach About Money
It absolutely makes no sense to completely keep children in the dark about money. Sooner or later they will come in contact with this entity which many consider as the root of all evil. Parents can "vaccinate" their children early by using allowance.
This does not mean that children should expect pocket money regularly for nothing. Children should only be rewarded with cash when they do something to earn it, such as doing household chores like washing the dishes, cleaning their room or giving the dog a bath. This will teach children that they should not expect money for nothing. Money takes hard work to earn, and the amount earned should be proportional to the difficulty of the task.
Older children should not expect more money just because they are older (that's teaching them about seniority, which is increasingly being disregarded in the workplace).
Lead By Example
Finally, the most important thing that parents can do is to do what they say. Children often imitate adults, and parents are the closest and most trusted adults in a child's life. A parent who indulges in brand name goods is inadvertently giving the message that "expensive is better", regardless of all the "being thrifty" talk.
While it is true that raising financially adept children is a bigger challenge than ever before, it is not an entirely impossible task. Children who grow up in a family that stresses non-material things will hopefully turn out to be well-balanced adults who understand and manage money well.
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