theconnectionsnj.com PAGE 36 DINING OUT HEALTH & WELLNESS o matter what your financial status is, it is important to teach your children the value of money. If money is tight in your family, the power of budgeting, making wise spending choices, being conservative, and avoiding wasteful spending is essential. If money is abundant in your family, it is important for your children to develop a strong work ethic, understand the value of money, not treat it as a bottomless pit, and not develop a sense of entitlement. Startingataboutage3,teachingthevalue of money transcends into many developmental skills, such as developing a work ethic, the powerful feeling of accomplishment when something is earned, self-discipline, decision-making skills, and delaying and denying need gratification. Management and appreciation of money is a hands-on, experiential process for kids. Earning money and deciding when to save it and when to spend it creates a sense of value and importance in managing money. Whetheryoulivepaychecktopaycheckor you are a billionaire, it is important to teach your kids, at any age, that money is limited. Teachingthemthatwhatyouspendit on is a choice and that choices will eliminate other options. Providing a finite allowance or amount of money to spend, exposing them to a budget, teaching them how money grows if it is invested, and establishing goals to save for a specific higher ticket item are all part of financial management. Iamaproponentofprovidingareasonable, weekly allowance for kids, contingent upon agreed-upon chores, tasks, responsibilities, or specific respectful behaviors. Itemizing each “line item” enables them to receive the full allowance at the end of the week, or a partial allowance based on their performance. This introduces the concepts of earning money, losing money through poor choices, and a work ethic. You can also require them to place a small percentage of their earned weekly allowance into a savings account. This will help with delaying need gratification, saving, investing, and determining needs vs. wants. Asaparent,modelinghowyoumanage your money, discussing decision-making factors on purchases, and shopping wisely is invaluable. Openly let them know that you decided not to buy an item, despite your desire to do so, due to budgetary limitations or simple practicality. Anadditionalbenefitofteachingyourkids money management is that it also equates to time management tenets. The only difference between managing time and managing money is that if you spend a dollar, you can replace it by earning another dollar. If you spend a minute, that minute is lost forever andcannotbereplaced. Thatmakestimefar more valuable than money. Dr. Michael Osit is a Clinical Psychologist, Clinical Director and owner of Watchung Psychological Associates in Warren, NJ. He is also the author of Generation Text: Raising Well Adjusted Kids In An Age Of Instant Everything and The Train Keeps Leaving Without Me: A Guide To Happiness, Freedom, and Self-Fulfillment. MIND THE MIND Children and Money: Teaching Your Children the Value of Money By Dr. Michael Osit N o Starting at about age 3, teaching the value of money transcends into many developmental skills, such as developing a work ethic, the powerful feeling of accomplishment when something is earned, self-discipline, decision-making skills, and delaying and denying need gratification. 908-756-0017 www.HigginsFuneralHome.com 752 Mountain Boulevard Watchung, NJ 07069 Stephen Szczubelek, Mgr. NJ Lic. No. #4446 Trust Your Face to a Board-Certified Dermatologist! New! XERF Radiofrequency skin tightening! No needles, no pain, no fat loss PDRN Treatment to stimulate collagen Exosome Treament for hair growth Radiesse Biostimulator for hand rejuvenation and jawline definition Kybella for double chin Botox & Fillers administered by a Double Board-Certified Dermatologist Skin cancer screenings & treatment Clear + Brilliant laser to help prevent signs of aging Fraxel Laser hair removal & Photofacials Coolsculpting Radiofrequency microneedling for skin tightening NEW! Fractionated CO2 laser to treat deep wrinkles
RkJQdWJsaXNoZXIy NzA2NDY0