It is completely normal to want to give your child everything. As parents and caregivers, it’s our job to provide for our kids and raise them into well-rounded adults. It’s easy to fall into the trap of wanting to give your kids the childhood you didn’t have. I have heard so many parents say “I want to give my kids all the things I didn’t have growing up.” Although this is well-intentioned, it’s important to not raise our children with an overindulgent mindset.
Teach your kids the value of a dollar
Start off with baby steps and teach your teens the value of a dollar. Whether that means them getting a part-time job or buying them a piggy bank so that they can save their money, this is one of the basic things your teen needs to learn so that they don’t get into the habit of overindulging.
Set a good example
Always show your kids what it looks like to be smart with your money. The behavior they see around money is ultimately the behavior that they will model. For people that are more affluent, teach your kids savings anyway. Don’t assume that just because your child has a trust fund, they’re going to be able to manage it properly. Show your kids that you are saving money and implementing good spending habits on a daily basis. Even if you can afford anything and everything you want, it’s good to set financial goals and show your children what those goals look like. Start talking out loud in front of your kids about your financial decisions. You don’t have to give them specifics but demonstrate what goes into making wise financial decisions. For example, if you’re planning on moving out of your house, talk to your teen about how you called 3 different companies in order to compare quotes and get the best price. This will help them understand your thought process and why it’s also important to shop around for a good price and not just settle for something that seems too expensive.
Teach the difference between “wants” and “needs”
It’s important to distinguish the difference between things we want and things that are necessary to spend money on. This is also a great way to practice gratitude and a time to explain to your teen how fortunate they are to have their basic needs taken care of.
For more on how to avoid raising spoiled teens, reach out to Coach Red, a Delray Beach life coach. We are here to make families safe, to have children be heard and loved. Be sure to subscribe to Coach Red on YouTube, Facebook, Twitter, Instagram, and LinkedIn so you don’t miss any of these great topics.