W is for WANTS (rather than NEEDS)
Christmas is approaching and many families are doing it tough this year. This might need to be a Christmas of restraint and more careful spending. Even Santa might be forced to cut back!
Children naturally focus on wants. Young children are terribly focused on immediacy! They do not understand that having that toy, designer sneakers, app and so on will not make them instantly happy for a long time.
We need to help them focus on needs and to be gradually able to perceive the difference.
It helps for children to make lists of both NEEDS and WANTS and to be well aware of the difference.
Family planning is important when planning budgets, giving money etc. it doesn’t mean we cannot have a want- just that we need to take care of needs first.
This needs v wants video is very helpful. Really it is all about SELF-CONTROL!
this is a great article with some excellent suggested books and strategies.
It is hard for children to understand the sharing and accommodation that must needs happen in family life but this is essential if we are trying to bring up caring, compassionate young people. Being able to distinguish between NEEDS and WANTS is also necessary for financial intelligence to grow!