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Teaching Kids Realistic Expectations Around Money

Being a busy parent is no easy feat, especially in today’s society where the cost of living is high and everything seems to be available at the touch of a button. It’s essential to teach our kids about realistic expectations and the value of hard work in this fast-paced world to help them become the wonderful adults we hope for them to be one day.

Here are a few tips to help you get started:

1. Start with the basics: Talk to your children about the cost of living and why it’s essential to budget and save. Explain that things cost money, and it’s necessary to prioritize our needs and wants to make sure we can afford what we need.

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2. Teach them about delayed gratification: It’s easy for kids to want everything they see, but it’s crucial to teach them the value of waiting and saving up for things they want. Explain that sometimes we have to wait and work hard to get what we want, but it’s worth it in the end.

3. Lead by example: Children learn by observing their parents. Show them the importance of budgeting, saving, and living within your means. Teach them to differentiate between needs and wants and to make responsible financial decisions.

4. Encourage them to earn their own money: Teach your kids that money is earned, not just given. Encourage them to take on small jobs around the house or in the neighborhood to earn money. This will teach them the value of hard work and help them appreciate the things they have.

5. Set realistic expectations: It’s important to set realistic expectations for your children. Teach them that success takes time and hard work, and that instant gratification is not always possible. Encourage them to work hard towards their goals and celebrate their successes along the way.

6. Emphasize the importance of education: Education is essential in today’s society. Encourage your children to study hard and pursue their dreams. Show them that education is the key to unlocking opportunities and achieving their goals.

7. Teach them to give back: Finally, teach your children the value of giving back. Encourage them to volunteer and help others in need. This will help them develop a sense of empathy and gratitude and appreciate the things they have.

Any mindful step you take in the direction you want your children to follow will reap benefits. Our world needs people with a strong work ethic, financial responsibility and appreciation for the things they have—and you are raising them!

Lindsay Plumb
Lindsay Plumb
Lindsay Plumb is a financial coach and founder of MOOLA Financial. She’s running a free five-day budget makeover starting January 21, sign up here