Thursday, 19th November 2015
One of the greatest gifts we can give children is the knowledge that with every purchase comes a choice.
Instead of "we can't afford it", the conversation pivots towards financial priorities.
This is important because the psychology of saying we can't have something often makes us want it even more.
The subtle shift in explaining that something comes low on the list of priorities makes it less of a deprivation.
This lesson learned young will help empower children with their financial decisions as they grow.
Combined with giving children pocket-money, this puts the ball in their court about how they spend their money.
Rather than needing, having and wanting everything in sight, a personal budget becomes a matter of habit, choice and conscious decision.
Until next time,