Why Spoiling Your Children Can Damage Their Ability to Manage Money

When you have children, there’s no doubt you want to give them everything in the world.  Seeing them smile can be one of the greatest rewards in life, but it’s important to understand how damaging spoiling them can be in the long run.  Giving your children absolutely everything they want can lead to disastrous consequences when they’re adults.

Spoiling your children is teaching them the lesson that they can get something for nothing.  And worse, that they get something regardless of how they behave, good or bad. Teaching them the link between good behavior and getting a reward is one of the best things you can do for them as parents. If you don’t, then when someone later tries to correct this (a teacher or relative), your child may throw a tantrum to try and get the reward, having previously learned that the reward is ‘owed’ to them rather than given as a ‘thank you’ for good behavior. 

Learning that they can get something for nothing can also cause children to be greatly disappointed as adults, when they find out they must work for everything they need.  Teaching your children the value of money can be as simple as allowing them to earn money babysitting or doing extra chores, giving them the valuable lessons they’ll need to be productive and successful adults.  You don’t have to pay them a lot of money for this; again, overpaying them may cause disappointment and a sense of outrage when later on they perform the same chores for someone else (such as babysitting for other parents, or washing a friend’s car), and find they are paid far less.

One of the most important parts of parenting is teaching your children the tools they’ll need to be self sufficient and responsible adults.  While saying no might not be easy or fun, you have to remember the skills that you’re teaching them in the long run.  If they want a special toy, imagine how much more they’d appreciate it if they had to earn the money to buy it for themselves. You can help them by giving young children a piggy bank, and offering to match the money they put into it each week they do not dip into it. They’ll soon learn the lesson that saving pays off more than spending the money now.

Although every parent wants to give their children everything their heart desires, it’s important to limit the things you give your children so that they learn to appreciate things more.  Teaching your children the value of money can start at a very early age, and spoiling them can lead to many disastrous circumstances later in life.  Whether you want to have your children earn an allowance or earn money babysitting, it’s a good idea to help them understand how far a little hard work can get them.