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Educate on a dime - finances

April 23rd, 2006 at 02:08 pm

"You don't need that you want it" -GMC, April 06

I heard that comment from my son the other day and I swelled up with pride. One of the first steps in avoiding debt is to stop buying what you don't need and can't afford. That can be pretty hard if you think every whim is a need.

Back when I started trying to seriously straighten out my finances (couldn't have done it without www.savingadvice.com!) I started looking at my own needs/wants. I came up with quite a few splurges that I was taking for granted.

Then I started to notice how often my kids said they needed something. When it comes to a potty or food, they often did need it. But toys? Nope those were wants so I started telling them.

When I heard a whine of "I need that part to build my whatever" I corrected the need phrasing first("you don't need it you want it"), then I worked on the sharing. (how about you get that part in 2 minutes while your sibling has a turn, or try this part it is almost the same)

It is never to early to start, and someday my kids will be 20something looking at a brand new gizmo and hearing Moms voice, "You don't need it you just want it" maybe they will get the gizmo anyway, but hopefully they will appriciate the ability to fill wants, not chalk it up to a 'need'.

Kids are like sponges, they soak up information whether you want it or not, we can only chose what information is available.

1 Responses to “Educate on a dime - finances”

  1. spendless Says:
    1145820490

    Great that use the 'teaching moments" of life to instill financial training. Hope it pays big dividends for your family.

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