Teach your kids from an early age. Let some of you lessons be focused on money management. Your children should know how money is made and how it is then spent.
Here is what they need to know about the subject:
1. Not all parents are Rockefellers
Making huge money is great but this is not what every parent can easily do. Most people earn moderately. It’s wonderful to make enough money to be able to support your family. It is even better if after paying all your bills you still have some money left. Explain that to your children. For example, setting aside money every month allows you to buy all those items they are asking for Christmas. They need to understand that Santa Claus brings them the latest laptops and smartphones once a year, not every week and this happens for a reason. Do not get irritated or angry if it takes some time for your kids to put up with the idea that they cannot get all they want. There’re things they need and there’re things they want – let them feel the difference.