health
parenthood
Hanukkah fees can be one of the best things that ever happened to your children
And no, not because they can buy more candy or more Brawl Stars cards, but because it's a great opportunity to teach them a smart economy.
This is how you will do it right
Tags
Channukah gelt
Of money
Education
parenthood
Leah Stern
Friday, 11 December 2020, 07:55
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On the way to being a responsible adult.
A child holds a savings account (Photo: ShutterStock)
Hanukkah is just another moment with him here, and alongside the donuts, pancakes and spinning tops, there is one other custom that our children are looking forward to - Hanukkah fees.
The custom of giving children money on Hanukkah is more than just a momentary treat, it is a wonderful opportunity to start teaching children an important lesson in financial management.
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As parents, our role, among other tasks, is to train our children to behave independently and responsibly, both when they are adults and when they are still children.
Education for prudent economic conduct will enable our children to acquire significant life skills, such as responsibility, prudent choice, ability to prioritize, dealing with unwanted realities, conducting themselves beneficially within a given budget framework and more.
Here are some tips that will allow you to make the most of this opportunity:
1. Dealing with frustration
When our children receive Hanukkah money from us or their family members, they are happy to the roof.
Many will ask us to take them to the toy / clothing / computer store, where they are confident that they will be able to purchase whatever they please.
They are already imagining how they will return home with at least half a store.
True to them, of course, is a bitter disappointment and it is likely that the children's store will see that their money is enough for at least products of what they expected.
There is an important lesson here in understanding the value of money.
Our parental role here is to accompany them in the situation and allow them a choice even in a situation of undesirable reality: to be content with less than they intended, to continue to save or to choose a different and cheaper product than what they wanted to purchase.
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2. Saving in the face of waste
It is worth buying a box office for children where they will keep their private money.
The child will learn to take responsibility for keeping his money, and be able to decide whether to spend the money in the coffers, or whether it might be worthwhile for him to keep it and save, so that he can purchase something more expensive in the future.
There is a learning here of rejecting gratifications and the ability to set goals which is significant for perfecting the child's abilities financially and in general.
By the way, we often "get stuck" without a little money and then we borrow from the children's coffers.
In such a case, it is important that we inform them that we took money from them and of course also when returning the amount to the fund.
A lesson in rejecting gratifications.
Girl counts the money she saved (Photo: shutterstock)
3. Wise choice
When our child is debating what to buy from some products or brands, we can teach him to examine the viability.
Concepts such as package size, quantity, length of time the product will work, warranty, product components and the like, are important terms that will help our child learn to make a responsible and considered choice.
This ability can be taught in every purchase, even when visiting the supermarket together.
There we can consult with the child for example which cornflakes or cookies are more profitable for us to buy.
These considerations will help our child learn how to conduct himself within a given budgetary framework.
Conduct that will assist our child in the day-to-day conduct of adulthood.
4. I have a lot of money in the coffers and
young children are very impressed by the amount of coins they have accumulated.
It is "considered" in their eyes more than a few bills.
Therefore, it is important that we teach the child to count and calculate the amount he received, we will learn to distinguish between the value of a coin versus a bill, and we will learn what each coin and bill means, depending on the size of the coin and the color of the bill.
We can practice the financial meaning of the child both when he buys with his money, and also when he accompanies us to our shopping.
And in the end it's fun too.
A boy in a toy store (Photo: ShutterStock)
5. Talking about money at home The
more the economic issue is not a "taboo" in our home, the greater the chances that the child will know how to use Hanukkah money wisely and in general with his personal money.
It is very important that our children understand our financial conduct, as parents.
Why we bought what we bought, what we decided to postpone to a later date and what we decided to give up, whether due to financial constraints or due to a decision in principle based on our values.
Our decision-making will help children appreciate the effort we make to make a living, in the face of our challenge to conduct ourselves responsibly according to our abilities.
When do you start giving out-of-pocket money?
You should start giving out-of-pocket expenses to elementary school-age children.
First, they were given a surplus left over from a joint purchase or an amount for a tip we asked to detail.
This is mainly to practice the meaning of money, its feel and the importance of keeping it.
At the age of 8-9 it is possible to start with a regular custom where the boy or girl receives a fixed amount and not too high but it should be known in advance and scheduled for once a week or once a month.
If we have determined, it is important to abide by the agreement and transfer the amount on time.
If there is a delay - we will update.
The same is true for teenage girls and boys, only then - in line with the level of spending on social gatherings, recreation and buying video games, clothing or driving lessons - the amount goes up.
At all ages, keep in mind that our goal in providing out-of-pocket expenses is educational and not just financial.
It helps our children make their own decisions, exercise judgment, examine profit versus price, take responsibility for their choices, practice thinking and financial conduct and cultivate the sense of independence that is so important to their development.
Leah Stern - Lecturer and Parent Facilitator, Adler Institute
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