Teaching kids the difference between needs and wants
 

Teaching youngsters the difference between what they want and what they need is one lesson it is essential kids need to know what is a necessity and what is not.Parents should pay for a child's needs and only some of their wants. The rest they can save for, If a child needs a new pair of sneakers, but wants a very expensive pair to offer to save for the difference between a regular pair and the more costly one."The parent fulfills the need, the child fulfils the want by jointly paying for the sneakers".The child may decide on his or her own that the sneakers are just not worth the extra.Parents should pay for the child's needs in the younger years, leaving an allowance to spend on extras.