Tips to avoid the en­ti­tle­ment men­tal­ity

Green­lane work­shops

Parenting - - Family Matters -

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.

Early child­hood

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!

Mid­dle child­hood

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.

Teen years

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

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