There are several places that encourage children to make impulse purchases, but there are steps parents can take to have their children make better buying decisions, according to Learnvest.
One method is to pay for all of your child’s needs, holiday and birthday presents, but leave buying their wants up to them, according to Learnvest, citing the book “The Opposite of Spoiled” by New York Times columnist Ron Lieber.
A tool that enables children to buy their wants while appreciating the true value of money is an allowance. “There is nothing like real dollars in the real world to teach real lessons,” Lieber writes.
When parents know if their children are natural spenders or savers, they can adjust their teaching by either asking them what they are saving for, or showing them the disadvantages of wasteful spending.
For families where an allowance isn’t a possibility, parents can set a limit on what they’ll buy their children, while still letting them make the decision. This causes the child to shop around and really consider what they want to buy.
Sometimes a child will get jealous of what others have. A good way to counteract this feeling is to remind your child of special opportunities they have that others don’t, which can promote a feeling of gratitude.
- Feds: Utah companies accused of conducting...
- 5 Utah E. coli cases linked to Costco chicken...
- Salt Lake chef wins round in 'Holiday Baking...
- In time for the holidays, S.L. Comic Con...
- Mark Zuckerberg is taking two months...
- 5 ways you drive away millennial employees
- Dave Ramsey says: Include minor car repairs...
- Man killed in Salt Lake industrial accident
- 5 ways you drive away millennial employees 14
- Pfizer, Allergan $160B deal forms... 6
- Utah liquor commission going slow on... 4
- Russian military says its bombing... 3
- Confusion over ISIS name leads to... 2
- Utah jobless rate holds steady at 3.6... 1
- Balancing act: Pause, reflect on... 1
- 5 Utah E. coli cases linked to Costco... 1