Parenting Tool: Spender or Saver?

Posted by Lori Merrill on 07/12/2018

 

If you have a child that has a “money burns a hole in their pocket” mindset then I hope this is helpful to you. And it is great reminder for adults too. We desperately needed guidance for our child when this issue led to arguments in every store. We would try to reason and cajole him into “holding out” a little while longer when we knew he was making a mistake that he would regret days or even hours after, but it never made a difference. 

So, we prayed for wisdom. “How Lord, can we encourage this child to learn patience and the wisdom of saving?” That’s when the 3-day rule became the rule in our house. 

Here’s how it worked:

    • We implemented & explained the "3-day rule".
    • When our child received money, he would want to spend it immediately.
    • We encouraged (forced) our child to wait 3 days to determine if he still wanted to purchase the item.
    • Often times he would change his mind, and the "3 day rule" countdown started again.

New life for Mom & Dad! Even at a young age, our child began to see his tendency to rush to spend and how he changed his mind often. Eventually, he began to learn that impulse buying causes regrets. 

He also began to appreciate the value of saving. I know Steve and I have personally implemented a 7-day rule as well as a 30-day rule for us from time to time. So, I can say it works well for adults too! 

Blessings,
Lori

 

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