When it comes to deal with money matters with your children it is true that there is no fixed way. Every child is different from other and each one has his own different needs. So, in order to fulfill every wish of your child you may forget that you are overspending on them. They do not realize the value of money and that may lead to problem in their future.
Hence, it is necessary to avoid these money mistakes so that your child understands the true value of money.
Not talking about money with your child
Many parents keep their child aloof from the word ‘money.’ They do not want to make them understand that you need money to do everything. They get their child what they need or want and make sure that they concentrate on their studies only, and not on money.
This is a big mistake, especially when it comes to a child psychology. The child does not understand the value of money and how hard it is to earn the money. They consider it something that is not an issue at all. Although it may seem good but when they grow up, they will find it difficult to cope with the situation.
It is nice that you do not let your child worry about money, but do let them understand the importance of money.
Buy them expensive items
Just because you have enough of it, do not showcase it in front of your child. Do not buy them expensive items whenever they ask for it. First, understand whether your child needs it not. Make a difference between ‘need’ and ‘want’ and make them understand it.
Whenever they demand for something, judge whether they actually need it or not and then take decision of buying it for them. It is always a good practice to let the child ‘earn’ what he wants. That will make him give value to things which are bought with your hard-earned money.
Work overtime to meet their needs
It’s true that to raise children you will need money, but in order to earn money do not work overtime. When you are working overtime you may be able to meet the financial needs of your child easily but at the same time you would be failing to meet their emotional and sentimental needs.
Your child needs both financial as well as emotional support from you while they are growing up and if they do not get enough time from you, they may find themselves neglected. This will create a mind block in them.