Parents try their best to provide their kids with everything they need, but when kids receive a lot of gifts in return, parents face issues by then. This becomes so real when it includes money. Following are the 4 major reasons explaining how a small amount of money is always good for your kids even though you are financially stable:
1. Overindulging your kids raises bad behavior and attitudes on the long run
Showering your kids with money and gifts such as expensive toys will lead to dysfunctional attitudes especially as they grow older.
The more spoiled a child is, the more self-righteous they are likely to believe themselves to be. Furthermore, children that had been over indulged tend to see themselves as less effective than the children from other groups.
A Spoiled child will suffer from becoming more self-righteous believing it too.
2. Kids should know the difference between wants and needs
Kids can get anything they want in a glimpse when they have all the needed money. In this situation, the need to have the latest toys on the market or newest iPhone will arise.
This behavior has become something natural and ordinary since the media is casting a spell on our children to be strongly attached to these luxuries. Nowadays we live in a society where it is hard for us to control our lives; this is why we need to teach our children the difference between wants and needs in order to avoid bad spending habits later on.
3. Having little money teaches lessons for saving.
It is not healthy to give an insistent child whatever he needs right on the spot.
Giving a specific amount of money for your children on a weekly basis will teach how to save. Whenever your child needs to buy something new, he/she will have to save and cut on some expenses in order to be able to make the purchase. However, this won’t only teach them how to save but it will also ban any bad financial habits to develop in the future.
4. Too much money builds the wrong expectations
Your children might fail from the start when you give them too much money. In addition, when being provided with too much money, children will become accustomed to a certain way of living. Therefore, they will keep on expecting the easy life they have been having, as they grow older and they will never learn how to accept the standard and live accordingly.
What are the consequences when they no longer have enough money to support them? The results won’t make them happy. The best solution is to set a certain amount of money from the start. This won’t allow any bad habits to develop, and limit the thought that they will be forever financially stable. In the end, your kids will learn how to save and that nothing is as easy as it seems and they’ll work harder to have a greater life.