Tips to avoid the entitlement mentality
Spend more time than money on your kids. Don’t buy them things out of guilt.
Don’t bribe your children with money. You rob them of the satisfaction of achieving from self-motivation. What happens when you remove the reward? Do they give up?
Don’t rescue your child from hard work. A colleague’s sevenyear-old daughter wanted to save up for a recorder so her mum told her she’d pay her $1 to tidy her drawers. It took her over an hour, she had two meal breaks and cried but she finished and was very proud.
Don’t pay bills or fines your kids should pay. At least ensure they pay you back if they can’t afford it all up front.
Teach your kids to look after their possessions.
Teach gratitude. Again it’s in the little things – give to a family cause, share your own things, offer your time, not things.
Delay satisfying their instant requests or wants. Children learn to appreciate things they have had to wait for.
Learning to wait is essential for good savings habits. Show them what coins and notes look like.
Praise actions where they show patience – for example, waiting in a queue. Good things come to those who wait!
Pay pocket money in coins so it's easier to separate into saving/spending/ giving jars. Play Monopoly and talk about the concepts behind it.
Open a bank account. Show them how it works digitally and explain how interest works.
Encourage them to save 40 percent of their allowance and deposit birthday cash in the bank. Help them understand the household budget. Encourage them to get a part-time job. Give them an EFTPOS card attached to their bank account.
Help them to set their own budget, savings goals and track their savings.
Explain ways people increase wealth and associated risks – shares, property and bonds.
Set an allowance for items, such as clothing, that they control. If it runs out, don't rescue them!
Get them into the habit of gathering and comparing facts before making a decision.
You are your child’s greatest teacher and these financial skills are non-negotiable. The playing field has undoubtedly changed, with the heavier burden of increased student debt, house prices and an uncertain retirement benefit in the future. Our children have to hit the ground running financially once they leave home. What you do every day counts!
Tools for engaging cooperation with Jenny Hale
Tuesday 6 September, 10-11.30am
Growing great families with Joy Sluiters
Wednesday 7 September, 7.30-9pm
Equip your teen/young adult for independence and success with Yvonne Godfrey
Thursday 8 September, 7.30-9pm
Power to parent with Rosie Griffiths
Eight-week course beginning Thursday 8 September, 7.30-9.30pm
Raising happy, confident and resilient children with Petra Bagust and John Cowan
Tuesday 13 September, 7.30-9pm
The highly sensitive child with Jenny Hale
Wednesday 14 September, 7.30-9pm
Dads and sons with John Cowan
Thursday 15 September, 7.30-9pm
Understanding your child's personality with Sue Blair
Thursday 22 September, 9.30-11am
School holiday babysitters course part 1 and part 2
Monday 26 September, 10.30am-2.30pm