Money

3 reasons why kids do not value money – Lina Surpliene – Medium

“Kids do not know the value of your money. Their money, they know the value of.”

Judy Markey

When my kids met grandpa a week ago, they were given 10 euros each. Faustas asked me to keep that money for him until we return home. A week has passed and he did not ask me to give that money back to him. Does it show that he does not value money?

Do your kids value money? 5 signs showing that your kid does not value money:

  • The kid tends to lose the money he gets, e.g. he puts it in a place that he later forgets;
  • She does not show any joy when she receives material things — sometimes she does not even look at them;
  • He does not have any long-term dreams that he wants to achieve — most dreams come true before he thinks of them;
  • The kid asks to buy expensive things without realising how much they cost and how many hours parents need to work to earn that much money;
  • He does not really understand the concepts “cheap” and “expensive”, i.e. he never uses these words when talking.

If your kid demonstrates at least 2 of the above behaviors, chances are that they do not know the value of money. Where did you, as a parent, make a mistake?

There are 3 main reasons why kids do not value money.

1. They do not know the value of your money. But they know the value of their money.

“It is frequently said that kids do not know the value of money. This is only partially true. They do not know the value of your money. Their money, they know the value of,” said Judy Markey, a novelist and journalist.

Therefore, ask yourself — whose money do they not know the value of?

Tip: If that is your money they do not know the value of, it is important to reduce the amount of money you spend for your kids. For example, buy less toys, books, clothes, sweets, etc. Do not always buy everything your kid asks — define the rules and regularly decline her requests.

2. You buy everything your kids need.

But what if they do not know the value of their money either?

In this case it is likely that you buy everything they need. Therefore, they do not need to spend their money. If this is the case, they never feel the shortage of money.

Tip: Consider whether you buy everything your kids need. Do your kids have certain money-related responsibilities? For example, do they buy gifts for friends’ birthdays using their own money? Do they buy sweets using their own money? The older the kid, the more responsibility should be passed to him.

3. Your kids get too much of allowance.

If you do not buy too much stuff for your kids and they still do not value their money, chances are that they just have too much money. If they do not manage to spend it all, money may seem unlimited.

Tip: Consider how much of allowance you give to your kid and how much responsibility is passed to your kid with that allowance. Reconsider your allowance policy, if needed.

Do you want to test how good you are at teaching financial freedom? Take the Financial IQ test for Parents now!

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