What a Parenting Class can Teach You

We have all seen the television ads advocating that if parents talk to their kids about drugs and smoking, their kids will listen. Now, apply the same principle to money matters as recent studies have shown that the biggest addiction some college students have is not drugs but credit cards. Freshmen are lured into getting cards in their own name by credit card companies visiting their campus and before you know it, they are trapped in the late charges, minimum payment cycle.

From a young age, we need to teach our children how to live within their mean and any parenting class will tell you that as parents, we need to walk the walk and show them how to manage money. Financial experts who conduct parenting classes explain that if moms and dads tell their kids that they divide their income into three categories, children can start doing the same with their allowances and gifts.

Children in grade school can understand that they should split their money into ‘Spend’, ‘Save’ and ‘Donate’. How much they put in each slot is their choosing, but just knowing that it is not all spend, spend, spend can be a lesson in itself.

Parenting classes can provide you with some mantras to experiment with and see what works best when your kids ask for something yet again at the toy store. “Sorry, honey, but it is not a buying day today”, “You can write this toy down on your wish list and we can try getting it for your birthday or Christmas’. ‘That’s’ all the money I have today” etc are some things you can try. Don’t underestimate that they will not understand; children are very bright - especially when it comes to buying toys.

Do take them to a toy or candy store from time to time, so that they do not go wild if they happen to see one after a long time. However, you can explain that today you are just going to Toys R Us to buy a present for Melanie’s party. Your children can help choose a gift for their friend without necessarily having to buy one for them too.

Parenting experts that give classes also discourage talking about branded stuff until you can. Instead of saying, ‘Josh can you grab that GAP shirt for me”, say “John, can you get that red and blue shirt for me’. The same thing goes for licensed characters because even if they have everything from top to toe of Dora or Spiderman, a new show or cartoon will make headlines and they’ll want everything of the movie Cars!

A parenting class may be able to tailor some solutions to your particular situation, but in essence they will all say the same: Parents - don’t try to keep up with the Joneses - because the Joneses are broke!