How Not To Raise A Veruca Salt
Nobody wants to raise THAT kid.
You know the one we mean. The Veruca Salt, if you will. If you don’t remember, Veruca was the spoiled little girl from Charlie and the Chocolate Factory, who demanded everything under the sky from her father. And unfortunately for everybody involved, her father would always oblige.
Nobody wants the child who throws tantrums if they don’t have the latest Xbox, or cries if they don’t get a Jeep for their sweet sixteen. We all want kids who understand the value of a dollar.
Raising financially responsible children is an important aspect of parenting, but it’s become increasingly difficult with the modern emphasis on the latest technology and social media. Teaching your kids how to manage money not only makes your life easier, but it also sets them up for a successful future.
Here are some tips on how to raise financially responsible children:
1. Start early: It’s never too early to start teaching your kids about money. Even toddlers can learn the concept of saving and spending. For example, give your child a piggy bank and encourage them to put money in it. This will teach them the value of saving and help them understand that money is a finite resource.
2. Hammer home the difference between wants and needs: Children need constant reinforcement between wants and needs. Make it clear that a want is something that you would like to have, but can live without, while a need is something that you must have in order to survive. While they might argue that they NEED the latest iPhone to have a social life, it’s your job to give them a wake up call. This will help them make more informed decisions about their spending.
3. Allow them to earn money: Giving your children the opportunity to earn money through chores or other tasks can help them understand the value of hard work. It also teaches them the concept of earning money rather than it being handed to them.
4. Encourage saving: Encourage your children to save their money for the future. Teach them about the benefits of saving, such as being able to afford larger purchases in the future. This can also help them avoid the temptation of impulse buying.
5. Be a good role model: Children learn by example, so it’s important to set a good example when it comes to finances. Be open with your children about your own financial situation and make responsible choices when it comes to spending and saving.
Teaching your children about money is an essential part of parenting. With the right techniques, even a Veruca Salt can be transformed into a Charlie Bucket, who earned the keys to the Chocolate Factory with his humility and good sense.
Are you a bit further along in your parenting journey and ready to start college financial planning? Interested in talking about college planning? Set a meeting