So many times, we’ve been plagued by guilt when it comes to our children. We really should get them the iPad and Wii and more lunch money and the cell phone to take to school and…and…and….
When does it stop? And how does ‘over-catering’ to our children burn a hole into our pockets? Some of us feel that we must give our children a ‘better’ life than we had. Perhaps we grew up poor, or with not as much as we have today. Does this mean that we must spoil our children with too many luxuries, and not enough lessons on the value of money?
How many of us give our children assigned weekly chores? If you don’t, now is a good time to begin.
When they complete their tasks, a reward – perhaps ice cream or even a movie – will certainly teach them the intangible lesson of learning to work towards goals in life. Of course, lucky people like Lotto winners and Michael Jackson’s children perhaps will never have to work for a dollar in their lives. But what is the opportunity cost of money? What is the real QUALITY of our children’s lives?
Sophie states to her husband that they would be the laughing stock of the PTA if their children didn’t make a trip to a foreign destination for the Summer vacation. Her husband, Ralph, makes a living as a sales representative, while Sophie has a part-time secretarial job. With two children, going on such a vacation would be no less than $4,000.00 BDS. Should they borrow the money from a family member, put it all on the credit card, or dip into their savings?
Answer: None of the above.
There are many persons of affluence who have chosen to give their children the experience of a ‘staycation’ or even a summer camp. Some others have decided to take their vacations so that they have more time with their little ones. Time, they say, is money. But let’s put it to you here that time is MORE VALUABLE than money. You can always try to make more money, but you can never make more time. Use both wisely. But remember who is the parent and who is the child. Needs and wants are two separate things. Plan with a sensible financial future in mind and not so that you’d end up losing your mind, trying to crawl out of debt!
FINANCE FOR COUPLES
“THE KIDS REALLY WANT TO GO!" ABROAD FOR SUMMER!”