06 Nov 2020

Money Indulgence in Children/Teenagers

With the Children/Teenagers at home for a prolonged period as a result of the schools lockdown, it has been a tricky time for us as parents. This is because we are parenting in a self-absorbed society that told parents to help their kids feel good about themselves and it’s their duty to make their children happy. It’s tempting to use money to achieve this due to the limited available options.  It’s a challenge that is made worse by the increased screen time where children are bombarded by ads telling them to buy certain products and that many parents are buying that stuff for their children.

According to a recent survey commissioned by the Center for a New American Dream, the average 12- to 17-year-old who asks a parent for products will ask nine times until the parents finally gives in. For parents of tweens, the problem is particularly severe—more than 10 percent of 12- to 13-year-olds admit to asking their parents more than 50 times for products they’ve seen advertised. Kids have learned if they nag enough for long enough, parents will give in.

What do your children really need from you?

Love, guidance, shelter, food, clothing, medical care, and an education. That’s it!

Everything else is a want and a luxury: video games, gadgets, phones, and the latest fashion— whatever new item their friends have.

Here are some tips that we can use to avoid money related overindulgence and address this quagmire:

  • Give children opportunities to develop responsibility, patience and to feel valuable by engaging them in decision making and activities at home.
  • Helping them learn simple life skills at home e.g. Cooking, Laundry, doing dishes, enroll them for online lessons e.g. Finance Literacy (Money lessons), public speaking, art, writing etc.
  • Helping them become valuable members of the family by creating opportunities for them to serve each other and serve the family as well.
  • Helping them become valuable members of society by encouraging them to give back in some way. E.g. their talents & skills which costs no money.
  • Allowing them to find their own solutions.
  • Setting limits.
  • Saying NO and being firm in a loving way.
  • Hold children accountable.
  • Establish and enforce rules.
  • Set expectations.
  • Assign chores and make sure they get done.
  • Set and follow through with consequences.
  • Reward good behavior using alternative ways rather than giving money.
  • Emphasizing always that the best things in life are free!

Elizabeth Waithaka

Money Coach

Attique Money Lifeskills Academy

+254 727 143 313

Leave a Reply

Your email address will not be published.


Book Your Session!

$15 OFF!  (a Covid19 Offer)
*Terms and Conditions Apply
Your Cart