Save for them, spend on them, but also teach them
It is important to delay gratification to know if a want is a need and whether your child values it
When I was a child, my parents gave me pocket money. I was told that if I wanted to buy something, I had to save money for it. Hence, if I wanted a doll, I would ask my father the price of the doll and ask him to calculate how many months I need to wait before I could buy it. That my father would wait a month and buy it for me himself, was a welcome surprise, but the wait helped a lot. What I have observed is that if we, as children, are taught the value of money early in lives, we imbibe the same and pass it on to our children. For instance, on my son’s 11th birthday, we presented him with an expensive gift that he was waiting for since he was 10. An iPod. Why did we delay the buy? First, you have to find out whether your child really needs it, or are you getting it to suppress a nagging child and relieve your guilt as a parent. We had three reasons for the delay in purchase—the gift was expensive and budgeting for it was important for us; we felt he was too young to have it at the age of 10; and delaying the purchase helped us know if he really wanted it. It is important to delay gratification to know if a want is a need and whether your child values it.
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