- Todlr's 2Cents
- Teaching Your Child About Wants vs. Needs: 6 Practical Tips
Teaching Your Child About Wants vs. Needs: 6 Practical Tips
Six tips to teach your child the difference between wants and needs.
Dear Todlr Family,
As parents, we all want our children to become financially responsible adults. To achieve this, it's important to teach them the difference between wants and needs. In this newsletter, we'll discuss six tips on how to teach your child the difference between wants and needs.
Start with Basic Definitions: First, it's important to make sure your child understands what wants and needs are. Explain to them that needs are things we must have to live, such as food, clothing, and shelter, while wants are things we desire but don't need to survive.
Use Real-Life Examples: Next, use real-life examples to help your child understand the difference between wants and needs. For example, explain that buying groceries is a need, but buying toys is a want. You could also ask your child to identify wants and needs in their daily life.
Practice Gratitude: Encourage your child to be grateful for what they have. Teach them to appreciate the things they need, such as a warm bed to sleep in, and not take them for granted. This will help them understand that wants are extras, not necessities.
Involve your child in decision-making when it comes to spending money: Ask them if they really need a particular item or if it's just something they want.Explain how you prioritize your needs first and then allocate money for wants. This will help them understand that even as adults, we have to make choices about how we spend our money.
Encourage Saving: Teach your child the value of saving by setting goals for them to save for something they want. Help them understand that they need to prioritize their needs before their wants.
Reinforce the lesson: Reinforce the concept of wants and needs by reminding your child of the difference every time they ask for something. Over time, they'll start to understand the distinction between the two.
Take this Action
The next time you go to the grocery store, ask your child to help you make a list of items that are wants versus needs. This exercise will help them better understand the difference and also make grocery shopping more fun.
Remember, it's never too early to start teaching them about the importance of managing money. If you found these tips helpful, share this link with other parents and ask them to subscribe to this newsletter. And don't forget to share your feedback with us on how the action step went.