Guide your child to spend money: Save or spend freely?

Teaching children how to use money is very important. It will help them know how to spend wisely, practice thinking, responsibility and have the right attitude towards finances in the future.

Illustration: DANG HONG QUAN

Many parents have been troubled by the issues of what to tell their children about spending money, such as: what to tell children about saving, what to say about being stingy, how to save money and still know how to help those in need around them?

Meanwhile, teaching children to spend money wisely is not about teaching them to save everything or spend freely, but about helping them understand the true value of money and how to use it wisely.

"Parents work hard to earn money"

That is a saying that many parents often repeat in the process of raising their children. It is also the reality of many parents who have to face the pressure of making ends meet.

Ms. Nguyen Thuy Anh (Quang Nam) shared: "Teaching children to save money is something I often do." Not only teaching children to save money, Ms. Thuy Anh also always tells her children to use toys and pens carefully.

"Mom works very hard to earn money, you must not waste it, you must take care of your toys and school supplies", Ms. Thuy Anh often tells her 7-year-old son.

Meanwhile, Mr. Le Thanh Nam (Tien Giang) believes that when children are taught about saving, they will know how to use money wisely later on.

"Saving is different from being stingy. Whatever is necessary, just spend and give," said Mr. Nam. Therefore, sometimes being frugal with himself but being able to help others if they really need it without calculation is something he often sets an example for his children.

"Parents cannot ask their children to save and spend money wisely while they themselves waste money," said Mr. Nam. Regarding spending money wisely, he said that there are times when his children ask for toys but if a similar toy is already available or is new, he refuses to buy it.

"I see many parents who love their children so much that they buy them regardless, whatever their children ask for, especially nowadays, many families have only one child so they spoil them," Mr. Nam worried.

Teach your children about the value of money, not just the amount.

Sharing this story with To Am, Master of Psychology Vo Hong Tam said that educating children on how to use money is very important, it will help children know how to spend money wisely, practice thinking, responsibility and have the right attitude towards finances in the future.

According to Ms. Tam, first of all, teaching children how to use money helps to develop personal responsibility. When children are given the right to decide how to use a certain amount of money, they will gradually realize that every choice has consequences. If they spend all their money on unnecessary items, they may not have enough left to buy more important things.

From there, children learn to consider and make more responsible decisions with their finances.

Next, show your child that money is not just for spending, but also for saving and sharing. Explain to your child that if they know how to save, they can buy more valuable things later or use them when necessary.

In addition, parents can encourage children to set aside a small portion to help others, perhaps as a charitable donation or to buy gifts for relatives. This helps children develop compassion and understand that money is not only for themselves but can also create joy for others.

Discussing this topic, MSc. Nguyen Thi Thanh Binh, member of the Executive Committee of the Vietnam - Sweden Friendship Association under the Ho Chi Minh City Union of Friendship Associations, also said that a correct financial mindset will help children balance between saving and spending, understanding that money is not only for spending, but also for creating value.

MSc. Nguyen Thi Thanh Binh emphasized that teaching children to spend money wisely does not mean teaching them to save everything or spend freely, but helping them understand the true value of money and how to use it wisely.

"I believe there are three core principles to help children manage their finances. First, they must understand the value of money: money does not come naturally, but comes from work and effort.

Next, you should have a reasonable spending plan: distinguish and consider between real needs and temporary interests. And finally, you need to have a purposeful savings plan: aiming for clear and specific goals.

Accordingly, when my child wants to buy something, I don't respond immediately but ask: "Do you really need it, or do you just like it?"

This helps children think and consider before making decisions. When children understand the value of money and are properly guided, I believe they will know how to balance their spending. This is not only a financial lesson, but also a lesson in responsibility and life values," said Ms. Thanh Binh.

The important thing, according to Master Binh, is that parents should teach their children about the value of money, not just the amount of money. What matters is not how much money you have, but how you use it to bring good value to yourself and the community.

Teach children how to make money

An important lesson is to help children understand that money does not come naturally, but comes from hard work.

Parents can encourage children to do some small age-appropriate chores to earn a certain amount of money, but avoid paying for tasks that children are inherently responsible for doing, such as cleaning their room or doing homework.

Parents should also talk to children about the difference between "need" and "want", helping them understand that not everything expensive is good, and happiness does not depend on having a lot of money.

Master of Psychology Vo Hong Tam

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Source: https://tuoitre.vn/huong-dan-con-tieu-tien-tiet-kiem-hay-tieu-xai-thoai-mai-20250323092734071.htm