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THEME #3: SPENDING Let’s face it – spending money is fun. But it’s important to be disciplined about how you spend your money. We’ve established that saving money is important and budgeting can help you stay on the right path, but spending will always have a certain allure. Delayed gratification sounds boring. How do parents teach this important concept to young people? There are many tips and tricks parents can use to help children with the concept of delaying gratification, when it comes to spending money. If you’re a parent and you’re looking for ways to teach your child about spending money, here are some things you can try… OPEN A SAVINGS ACCOUNT: If your child asks for a big ticket item, like a bike or an instrument – help them open a savings account. This way, they can contribute towards the purchase of the item by saving their money. USE MILESTONES: Use an upcoming family trip or activity and mark the days off in the calendar as the event approaches. You can use milestones leading to the trip, such as crossing off the days, or putting money in a jar, as ways to talk about it and imagine leading up to the fun you’ll have when the big day arrives. GOAL SETTING ACTIVITIES CAN HELP: If you’ve downloaded Make It Count, use the goalsetting activity to help your child set a goal and keep track of their progress. MARISSA’S SPENDING STRATEGIES: Another important aspect of teaching your children about money is to make sure they understand the value of the money they have and the value of the item they’re looking to buy. Buying things can be fun, and is a big benefit of earning money. But it’s important to understand, and teach younger children, how to spend money responsibly. Drawing comparisons to things that children understand, such as how many chores they’ll need to complete in order to afford a toy they want, is a good start.


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