Help kids separate ‘needs’ from ‘wants’

As Benjamin Franklin once said: "A penny saved is a penny earned.”

And Buffett agrees.

It’s a tough early lesson but it’s important for kids to understand that they can’t have everything.

Helping them to identify the difference between what they want and what they need could work wonders for their financial independence and stability as they enter adulthood.

How do you do this?

Buffett suggests having your kids make a list or visual collage of 5-10 things they’d like to buy, then go through it with them and decipher what falls into the need category and a category and why — i.e: a new bag is a needbut a new toy would categorise as a want.

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Jason Gwerder
Friday, 13 August 2021

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