Talk to your children about money; its not something you can do, its something you should do
A child definitely doesn't know much about money and if they are not taught they will end up having bad habits. What they should understand are things like where the money comes from, how to earn and what it is used for. You can start your training just from the way you do your shopping, allow them to assist in picking products not forgetting to check the price first.
Send your kid to do some errands
Kids between age 7 and 9 can do some can be sent to do some minor purchase from the store. If they cant read or get instructions correct, you can stay close by and watch. Just make sure they got the instructions correct, it is advisable you write something down for them, just in case.
Teach them how to save and how important it is
Most people do save for future needs and other things. It is very important if a child understand this concept, teach them how not to spend all the money they got may be as a prize or earnings so that they may buy what they want in future. The habit of saving money is considered good practice for taking out future loans.
Under no circumstances should you say, We cant afford it.
Some parents may use this phrase as an excuse to avoid spoiling a child. This may affect the child where they might think that their parents arent satisfied with what they earn or get, and that money triggers negative emotions. It also may show that parents dont have control over their lives.
How you should refuse the purchase in this manner
You must be very careful when refusing to purchase what your kids want, here are some examples how you should do it: We are not here to buy this; this answer touches on planning and prioritizing. Another answer might be: I will buy it for you on your birthday or as a present. However you can still buy the item for them if you have enough money
Bake a cake once a week with your child.
Here, its not all about baking but mostly about teaching the child how to cook, being independent and having self-confidence. You don't want to raise a child who will spend most of their money ordering foods or eating in the restaurant.
Sometimes let your kids do some work independently
The moment you realize you have nothing to do at all the main tasks are already handled at home, you can decide to fill the blank space for your kid by giving them simple tasks that they can do without supervision, for instance cleaning shoes, removing dust from various surfaces like the cupboard among other things. This will teach them how to be independent and take initiatives
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