Act on the opportunity
Parents, when you see your kids craving for material possessions, remember to use the opportunity to act accordingly. Teach them to distinguish between "needs" and "wants", and impart the concept of smart financial management.
Swim with the current
Parents, when your kids share with you their ambitions and goals for their future, go along with the flow. Give them encouragement and guide them on how to start managing their finances smartly in order to achieve their goals.
Take advantage of the situation
Parents, when your kids are pleading with you to buy them things, remember to provide firm and positive guidance. Set the ground rules and budget. Reverse the situation and nurture the right money concepts for your kids to manage their finances smartly.