THE ‘N’ WORD : Tell your child that whatever he demands has a cost and you might not always be able to afford it. Be open about your limitations.
LEAD BY EXAMPLE : If your child sees that you have an extravagant lifestyle, he will also feel his demands are justified. Learn to economize yourself first. It will be easier to pass on the lessons to your child then.
NO FRILLS : Divert their attention to cultural pursuits, including books, art and music instead of just any gift. Don’t buy performance-based gifts, such as bikes, particularly when they are not ready for them.
FAMILY ACTIVITIES : Make greeting cards instead of buying them. It saves on expenses and is a shared family effort. It brings family members together and is creative as well.
INCLUSIONS : Explain family finances to kids. Show them a clear picture, take them into confidence about the state of your finances.
MONITORING : Discuss with them about the expenses met with their pocket money, but give them space too
(Source : Outlook Money 11 March 2009)
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