Teaching Kids the Price of Luxury – A Teachable Money Moment
It’s our job as parents to provide food, shelter, and clothing to our kids. But no where in the manual does it say that our little cherubs need to be clothed in the finest of linens.
So the next time you’re out shopping with Junior, and he is just drooling over those $100 Lacoste shoes that “everyone is wearing”, remind him that you will always make sure his toes are dry and comfy, but your shoe budget taps out at ($60).
Smile, and then add that you are more than willing to have him pay the difference. Tell him that’s the price of luxury. Then let him decide if he’s willing to plunk down his money on the latest fad.
This is a great way to get kids to reflect on what they really value and underscores the difference between needs and wants.