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But in real time that can be tricky.
The problem is that not having limits can pose grave risk toyour savingsand overall finances.
You cant blame kids for wanting things, said Melanie Musson, finance expert withInsurance Providers.
Its your responsibility to teach your kids discretion when fulfilling desires.
If you dont, youll spend more than you should.
That means youll have less available to build wealth and prepare for your future.
And instead of preparing for your retirement, you spend money on your child.
These strategies, he explained, preserve parental finances while instilling crucial money management skills.
The point is to create a mindset around money that is balanced and also fosters growth.
Having them earn their own money teaches both independence and a greater appreciation for what they spend on.
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