Many kids from as young as 6 years to as old as 18 years, think their parents are their money vending machines. They expect you to buy whatever they ask for. Kids frequently compare themselves with their friends and the toys they have and place a strong argument against you stating "if his parents can buy it, why can't you? . Here, it is your responsibility to educate them about money by telling them different families make different decisions when it comes to spending. Also don't forget to state the reasons why you are not buying it for them. In order to successfully do this, you must resist yourself comparing your kids with others.
Parents are children's first source of financial information. The more consciously we talk about money, the better prepared they will be as adults. Children see us spending and learn from us. If you Instill good money behaviors in your children now, you can watch them bear fruits later on in their life. This is one of the ways you can adopt to help shape your child's money mindset. This is an essential exercise even if want your child to become the future CEO of a company as you will be teaching him to manage finances in his early years.
You must be well aware of the facts that many big corporations are striving hard to turn your kids into the next generation of consumers. It is in your hands to fight the influence of marketing on your kids. The first step is to educate your kids about products that add value and products that don't. The second step is to create an awareness in their minds about the media. Start pointing out at obvious ads that are targeted at them. Show them how these images are cleverly designed to make them want that toy, or a candy or a game. Show them how the products are endorsed by role models on medias and Instagram and tell them how those tag lines and jingles are created to make the product sell. Show them the product they are buying are actually helping the big companies grow even bigger. Tell them how these companies are profit oriented and strive hard to make more and more profit by expanding their product lines and geographies. This does not mean you should never get them toys or candies, but to limit their buying
Here is how to establish the savings mindset
TIP 1 Give your child a small amount of money on weekly basis and ask them to drop it in a piggy bank. Give them a piece of paper to track it. At the end of every month, ask them to total the amount in the piggy bank. Simultaneously, ask them to add the amount they have entered in a sheet of paper and check if both matches. Give them a small reward for such activity by spending 50% of the amount saved in buying a toy they like.