Mindset & Psychology Personal Finances

The PLEASURE of Spending MONEY: But This Opportunity Must Be EARNED (Starting From Childhood)

Many of our money problems stem from childhood.

Alas, we were not taught how to handle money correctly back then.

And what’s much worse is that we weren’t taught this at all!

Which inevitably resulted in our “adult” difficulties with money, its chronic shortage and “living on debt.”

Many citizens have absolutely no savings at all, but every second family has a loan.

I propose to correct this error right now.

And learn three children’s lessons about money that will be useful to every adult.

1) Different things cost different

Be sure to allocate money for “pocket expenses” to your children.

Allow them to spend it as they wish — without restricting them in any way.

But then be sure to discuss their spending with them.

Find out what they spent their money on and what purchase brought them the most joy.

Show them the difference between different purchases.

We remember some of our purchases for a very long time (as a rule, they are associated with the purchase of good memories: a trip to the circus, a children’s party, etc.), and some of our expenses leave absolutely nothing behind (and we then cannot remember, what exactly we spent our money on).

Advise your child to spend more on the most memorable purchases and reduce “waste spending” as much as possible.

By the way, give the same advice to yourself — spend money on the most important things, ignoring the unimportant.

This is called “prioritizing.”

2) Parents tell their children that “money doesn’t grow on trees”

But the child, due to his age, is not yet able to understand this allegory!

To help him understand this principle, make it a habit to pay a small amount for each chore he does.

He can spend the money he receives at his own discretion.

This will teach you that “money doesn’t come out of thin air” — it needs to be earned.

And when the money is completely spent, the purchases will immediately stop (you need to work again to earn it).

This will teach you to value your work + not waste money in vain.

3) Save money for what you want to buy

Start a piggy bank with your child and teach him to save money for big wishes that require a significant amount.

You may think your children are too young to understand these three “money” lessons.

But you’ll be surprised at how quickly children learn even complex concepts.

Teach your children by example — explain why you buy something and how you make financial decisions.

When they see that you spend money wisely, they will learn to do the same.

And vice versa, stupid expenses are also absorbed “along with the milk.”

By CashGuy

Online Money Maker

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