lifestyle parenting Womanthismonth.com September 2023 77 Happy spending! 4. Distinguish between needs and wants It is important for children to understand the difference between “wants” and “needs” because everything they desire might feel as if it is a “need”. Not only does this teach children to start thinking about the effects of delaying gratification, it also gives them the power to make choices regarding their purchases by considering the consequences 5. Encourage them to be autonomous Children crave autonomy and doing things “my way” from a very young age, so, the best way to teach them to have a positive relationship is to empower them to make their own decisions about money. Let children make mistakes. Maybe they’ll spend all their money on something silly, but do not bail them out and make sure they learn their own lesson! Giving them a steady allowance they can budget and save allows them to make decisions on a smaller scale in their childhood that can grow to become habits they have for life. 6. Be a role model In the formative years, children learn by watching things and people around them. Children may adopt the attitudes and behaviour that parents demonstrate at home. So, the starting point is to make sure you- the parent- are able to demonstrate a healthy and positive behaviour with your money and that your words and actions are in alignment. +973 36897379 RAMEEGRAND.BH RAMEE GRAND HOTEL AND SPA | SEEF FOR RESERVATION: +973 36897379 / +973 17111999 *T & C APPLY
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