How to Handle the Wants of Our Children

The ability to prioritize is a valuable skill at all levels. If your children ask for something when money is tight, write down their wishes on the list or have the children write it down. Your action assures your children that you are acknowledging their needs and wants rather than saying that they just "can't have" something, or that you "can't afford it".

Remember that you are constantly being a role model with all of your words and actions. These are all subtle ways of setting the tone and message for how your child may view and handle their own finances as an adult. In this way, children always learn to establish priorities, make choices, and develop patience along with delayed gratification.

When money does become available, either from your budget or from their gifts or other money sources, your children can choose which item on the list to buy based on cost and priority instead of reacting impulsively to the first temptation that catches their eye in the mall, on TV, or on the Internet.