We live in an environment that subscribes to the “I want it now” mantra. Just by logging on to social media and interacting with friends, your children will see many of their peers showing off the coolest toys or latest IT gadgets that they do not have. This will naturally lead to them questioning why they do not have these things.
You should teach your child the importance of delayed gratification. This will demonstrate how they are able to afford a big-ticket purchase without having to rely on us. They can either choose to scrimp and save their allowance or “work” for it by performing chores in the household or for neighbours, friends and relatives.
It is important to ensure that the item your child is aiming to buy can be purchased after a few weeks of saving or working, rather than several months or even years, to drive the point home and let them taste success.
Doing this will hone an understanding that they cannot possibly afford everything they want because things cost money and money takes time to be saved. When they eventually start working, they will understand the importance of not blowing their whole pay packet before the month is up.