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Shot of a little girl learning about money.

Shot of a little girl learning about money.

Most kids live in a world where they are judged on the basis of the things they own. This can be a cool lunchbox or the latest iPhone. For many kids, it’s not the price of something that matters but just the fact that everyone else has that thing and they don’t. You want to teach your foster children to value the things they have and to learn to economize. At the same time, you don’t want them to feel deprived. So you have to walk a fine line between these two options with money.

Are Their Money Demands Legitimate?

In their enthusiasm to go back to school, foster kids might have a lot of demands. “I want a bike”, “I want new shoes”, “I want high heels” (for teens), “I want a new laptop”, etc.

Some of these expenses might be legitimate. For example, if their old shoes are worn out, they’re going to need new ones. If they’re the right age to ride a bike and there’s a safe space for them to do so, then it’s ok. If they need a laptop to get schoolwork done, then that’s fine.

The Right Technique to Say “No”

There are going to be times when you’re going to have to tell your foster child “no.” It’s always best to do this in a rational way rather than angrily. If you get angry, they’re likely to start throwing tantrums too and it never ends.

So when it’s time to tell your foster child no, make sure you’re both seated and talking quietly, as adults. This will help the child feel more like an adult, as a result of which they’ll behave more like one.

Explaining Why You’re Saying “No”

You can explain, in a rational way, why a particular item isn’t a good idea. Instead of saying, “I’m not going to buy you something you’ll only use twice,” say “Wouldn’t you prefer something that will be useful in the long run?”

Learn More About Teaching Foster Children the Value of Money

The more you talk to foster kids as though they are adults, the more they behave like adults. And this can lead to major back to school savings without any tantrums.

Contact us for more back to school savings tips for your foster child.