Friday, April 17, 2009

Kids and Money

My son is only 3 /2 years old and is (thankfully) not yet old enough to ask for his allowance, but this early I would like to instill in him the value of money. It does not pay for children (and adults too) to be materialistic since the momentary pleasure of material things do not give us happiness in the long run.

I do not give him "pasalubong" ("meeting" gifts) when I get home from work "just because". Some Pinoy parents do this and it makes the child look for the "pasalubong" when the parent comes home. Well, maybe, I'll do it occasionally but not always. My (both working) parents didn't raise me on that.

I would also like that my son (and daughter) would NOT be "bilmoko" ("bili mo ako" or "buy me...this or that"). Things that are essential, yes. Things that are required by the school, yes. But no PSPs or equestrian apparel that they do not need. They have to work with me to save up for it if they really want it. It should not be that easy.

Hopefully, I will be able to raise children who are not materialistic, have a healthy respect for what they have in life (and not just buy for the pleasure of buying), with a good grasp of the value of money.

If you have any suggestions on how else to do this, feel free to post it here.

1 comment:

Elisabeth Donati said...

Material things may not bring us happiness 'in the long run' but in the long run we are all dead.

There's nothing wrong with children wanting things and there's nothing wrong with parent's giving their children gifts. Giving and getting are a beautiful yin and yang of life.

The question you are asking is how to get your children to have a great relationship with money. I think it comes from their parents having a great relationship with money.

The way children get 'good' at money is by giving them lots of practice before they move out and have to live with it for the rest of their lives on their own.

I do not believe that we need to teach children that money is hard to come by. That's a belief and it messes adults up in the long run.

What ever we think about money is what we get. Teach your children that everything is possible; that whatever they want is fine AND how are they going to earn enough money to buy it for them.

And if you want more tips and a system that works, check out my book at http://www.ultimateallowancebook.com.

Thanks, Elisabeth

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A part time ophthalmologist, part time micro business owner, part time graduate student and FULL TIME MOM struggling to find balance in the confusing world of multitasking :)