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Your Child & Money (III)
( Child as Consumer )
Dec 1998 Alan S.L. Wong

Your Child & Money (III)

We will look at this topic from different angles - parent as investor, child as saver, child as consumer and child as giver.

Child as Consumer

Sometimes our children receive birthday or award gifts in the form of money. We do not dictate how these are spent. The children have the right to spend their money the way they please. However, we would teach them how to shop, how to recognize quality, how to compare prices in different shops ... but we leave the decision to them.

We have allowed our children to make mistakes and see their money depleted ... with no more money for other things. A precious lesson learnt is that their supply of money is limited. Now they take a longer time to decide before making a purchase.