I always remember my copy of the Argos catalog as a child, full of optimism with the items I expected to find under the Christmas tree.
Looking back, I don’t remember if I knew, but deep down I knew I couldn’t have most of these things. Anything extra (like a designer bag or a pair of Chuck Taylors) must be earned by me.
The cost of living continues to rise: RPI inflation is now 11.8%, food is the most expensive in decades, and millions of households cannot afford broadband. Of course, I am struggling to meet basic needs.
But that doesn’t make talking to your child any less dangerous.
Emma Gosling, a hypnotherapist and financial coach, says that talking to kids about money can be a tricky area.
“It’s very hard for young children to imagine money, and we often turn down their requests for things we can’t buy,” she said.
“Children don’t use logic to see the big picture of the value of things, family fights over money, or that money is bottomless.”
Therefore, we have to be strategic.
By Georgina Durant, author of 100 Ways Your Child Learns Through Play How you handle conversations about money depends on your child’s age.
“There’s a lot going on in the world these days that can cause worry and anxiety in children, so if you’re discussing this with young children, it’s important to explain to them that they don’t worry too much.” I’m here.
“Maybe that’s enough to explain that everyone needs to be a little more careful about how much money they spend right now.
“If you’ve ever had a discussion about paying more attention to money, it’s helpful in situations where people may ask why you can’t eat another toy or ice cream or go where your friends go.”
Tannis Carey, author of What’s My Baby Thinking? Practice Child Psychology For modern parents, let your child know that basic needs can still be met, and don’t get upset if they say no. It is also important not to override the child’s feelings when she stands up. .
“But see it as a good opportunity to talk without embarrassing them or feeling guilty for asking. Money is usually earned and is never infinite,” he told Reuters.
Use this as an opportunity to discuss their needs and wants, and teach them how to save for what they want, even if it’s just a pound of pocket money a week.
“This will teach them an early lesson on how to feel better than spending it all at once, and it will be an important step in self-regulation.
“Put coins in a glass jar so you can physically see the total amount.”
How to tell your son that you can’t afford what he wants
advance preparation
“Having a discreet conversation before you go to the store can help,” says Georgina.
“Nothing big or stressful, but let me remind you to be careful with your money right now.
“Then when they’re next to something they want to buy at the store, you can remind them of a conversation you’ve had together before.
“That way they won’t be shocked and they can prevent and prevent anger and frustration.”
be consistent
It’s important for everyone in the family to understand when you say no and why.
“Children are more likely to understand and accept rule changes when rule changes are made consistently and fairly,” explains Georgina.
“If they knew that we always have our own sandwiches and drinks instead of buying lunch when we travel, if everyone did the same thing every time, they would soon accept it as the norm.”
avoid emotional language
To promote healthy relationships with money, Emma suggests staying neutral when discussing money with your kids, especially when it comes to making fun of them.
Say “no” to your children and be neutral without getting angry, angry or frustrated, “we are not made of money” or “money does not grow on trees”. He says that it is better not to use phrases like
“This helps kids develop healthy relationships with money.”
When parents get upset or angry when they talk about money, children can come to believe that money is bad because it offends people, or that money should not be talked about or mentioned, which can lead adults to believe that money is bad. can lead to financial avoidance. ‘
Instead, Emma has an honest and down-to-earth talk about money.
He said: “You can talk about how you can get a certain amount of money each month and you have to put that money aside to pay for certain things like mortgage/rent, food, gas.
“Then look at what you have left over each month and decide what to spend that money on and how much to save for the bigger things you want to buy.”
Drawing a picture to illustrate this really helps.
give them control
By making kids feel like they’re actively involved in budget decisions, they can gain some control over the situation and take their mind off it.
“Displaying the money you need, ideally cash, and being able to visualize and list what you need to buy helps you budget how much to spend on which items,” says Georgina.
“It’s a life skill that really comes in handy when they’re older.
“That way, it helps me physically see how much money (if any) is left over for unnecessary items my kids might want, and it helps my kids get something out of it.” have it.”
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Source: Metro
I am currently a news writer for News Bulletin247 where I mostly cover sports news. I have always been interested in writing and it is something I am very passionate about. In my spare time, I enjoy reading and spending time with my family and friends.
