Children sometimes do not understand between needs and wants. This is especially true for teenagers as they struggle to know this difference amidst advertising appeal and peer pressure and end up spending on more 'wants' than 'needs'. Kids are to be educated on this difference so that they would understand the priorities. Needs are necessities for their survival and wants are things that they may not need but good to have.
Here are very good questions that you may ask your kids to ask themselves when teaching them the difference between needs and wants. Questions that make your kids think and rationalize.
Question 1. Is this spending for my physical well being? Am I spending on my food? Am I spending to pay rent? If yes, then this spending is necessary and therefore spend it. I need to eat and I need to live and sleep at a place.
Question 2. Is this spending within my budget for this week? Will I have enough money left for essentials after this spending? If yes, then spend the money on it. If not, then think about the drawbacks to face for over spending!
Question 3. Is this spending a good value for my money? Do I believe that this is a good buy? In terms of price and quality, is it reasonable? If yes, then spend the money. A little bit of research on the internet would help a lot.
Question 4. Can this spending be postponed to a later time? How urgent is this spending? If yes, do the spending at a later time.
Question 5. What is the worst case scenario for not spending right now? Will I die? Will I regret for the rest of my life? If the answer is no, then wait until another time.
Question 6. Can I get anything for free? Are there any free stuff that I can take advantage of? Any of my friends or family planning to throw away things that I may want? Their junk could be your treasure!
Children will best recognize and differentiate their needs and wants when they are given the experiences and education on it. I am hopeful that the above questions will help them greatly with their learning.
Here are very good questions that you may ask your kids to ask themselves when teaching them the difference between needs and wants. Questions that make your kids think and rationalize.
Question 1. Is this spending for my physical well being? Am I spending on my food? Am I spending to pay rent? If yes, then this spending is necessary and therefore spend it. I need to eat and I need to live and sleep at a place.
Question 2. Is this spending within my budget for this week? Will I have enough money left for essentials after this spending? If yes, then spend the money on it. If not, then think about the drawbacks to face for over spending!
Question 3. Is this spending a good value for my money? Do I believe that this is a good buy? In terms of price and quality, is it reasonable? If yes, then spend the money. A little bit of research on the internet would help a lot.
Question 4. Can this spending be postponed to a later time? How urgent is this spending? If yes, do the spending at a later time.
Question 5. What is the worst case scenario for not spending right now? Will I die? Will I regret for the rest of my life? If the answer is no, then wait until another time.
Question 6. Can I get anything for free? Are there any free stuff that I can take advantage of? Any of my friends or family planning to throw away things that I may want? Their junk could be your treasure!
Children will best recognize and differentiate their needs and wants when they are given the experiences and education on it. I am hopeful that the above questions will help them greatly with their learning.
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