WellesleyWeston Magazine

FALL 2018

Launched in 2005, WellesleyWeston Magazine is a quarterly publication tailored to Wellesley and Weston residents and edited to enrich the experience of living in two of Massachusetts' most desirable communities.

Issue link: https://wellesleywestonmagazine.epubxp.com/i/1011917

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Page 27 of 207

just walking into the stadium is a thrill in and of itself. So let your kids enjoy the cheap seats now so they'll really appreciate those premium seats later. six Teach Them to Give Back While showing kids that spending wisely and saving is important, it's also important to encourage them to give back to others. Suggest they donate part of their lemonade earnings to a charity they care about. Have them rake leaves for an elderly person. Ask them to donate their old toys and clothes to others in need. And around the holidays, encourage them to make something for those less fortunate. seven Differentiate Between Want and Need When kids are little it's easy to buy them small things — especially when we're trying to keep them from having a tantrum. But teaching them early on that they can't have everything they want is essential. For instance, when they grow out of their jeans, they may need new ones, but when they want the designer brand instead of the generic one, make them pay the cost difference. Either they'll buck up, or they'll wonder if it's really worth it. eight Put Them to Work No matter how old you are, there's pride in hard work and earning money for a job well done. Kids who never work, who don't know what it feels like to be stuck inside on a hot summer day stocking shelves, or stuck outside surrounded by whiny, sticky kids, can't fathom how fortunate they are to sit by the pool. You can try telling them, but they won't get it — not until they work hard, get paid, and learn to cherish their free time. nine Set Limits Bottomless expense accounts may not be a problem for you, but it doesn't teach your kids anything about managing money. Whatever limit you decide to set, set it, and stick to it. Ten dollars for lunch can mean a sub sandwich but no chips and no drink, or it can mean lunch at the grocery store and an ice cream cone later. The goal is to give kids a weekly or monthly budget and let them make spending decisions now, so they can learn from them. If kids only learn to manage a budget when they get to college, their poor choices can hurt a lot more. ten Teach Them That Money Doesn't Buy Happiness While money provides many advantages, it can never buy happiness. Many people live rich (figuratively), full lives with so much less because they fully value everything they have. They create affordable experiences — painting a bedroom together, building a tree house, sewing a dress for a school dance — that create lasting memories. Because often less really is more. W A V E B R E A K I M A G E S ( W V V ) 26 W e l l e s l e y W e s t o n M a g a z i n e | f a l l 2 0 1 8 10 tips

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