How to teach your kids to be frugal

September 11th, 2014by admin


saving moneyBeing frugal is more of a lifestyle not a lesson and it should be part of the family lifestyle. As a parent, you can use the bellow guidelines to teach your child how to be frugal;

1. Have a conversation with your child about money

Talking about money has remained to be a taboo in our society but instead, you should talk openly with your children about how you are maybe financially and you are not going to spend money. As a parent, it is good to explain why you have said either Yes or No.

2. Create a financial secure future

One of the best results of living a frugal life is having a financially secure future because you save money and avoid buying unneeded items. Although you are not assured that your child will be a millionaire when he grows up, your future and that of your children’s financial futures will be bright if you maintain a regular habit of saving and investing the funds that are saved. The children have better chances of becoming financially independent adult as the parents teach them the financial principles of saving. Parents can use coupons from rebates zone to save.

3. View work as part of life

You should teach your children that working for a given period of time, translates into having amount of pay. This will help them understand the need to work hard for them to pay their daily expenses.

4. Ability to solve problems

Even though money cannot buy everything like, happiness and love, it can buy a solution to common problems. When you have limited funds, you try by all means to think through other ways to solve a problem for instance, if a car breaks down and you don’t have money, you fix it yourself. A child should as well learn to think through their problems and come up with their own solutions. You can easily teach your child this by being frugal.

5. Understanding how money works

Let your child understand how money works in the real world as in the real world, you don’t get everything you want for free. Your children need to know that for you to get money, you need to work and when you spend it, it’s gone.

6. Habit of a less wasteful life

You tend to buy less and throw less when you live frugally because you want to get the value of what you have bought hence become cautious of quality and true need. The advantage of this is you will save money and live a greener life and this will help your children to learn to do so.

7. Find a balance

One can find a balance between providing a lifestyle that will allow your child some flexibility in a world that puts high value on material things and providing a lifestyle that will show that frugality is the roadmap to financial success.

8. Encourage your child to be an entrepreneur

A child can learn the value of money when they have worked for it. Children can do various jobs depending on their age level be it inside or outside the home to earn money.

9. Help them get into the saving habit

Encourage your child to save at least 20 % of what they receive or earn.

 

Photo: https://flic.kr/p/bgfuxT




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