Family Money Saving: How to save money with kids
There is nothing more important than teaching your children how to manage money at an early age. As soon as your kids start demanding things, you ought to make them realize how expensive those things are, making them understand the significance of money. Among the best ways to introduce your kids to money is spending it in front of them. For instance, you should consider paying in cash as opposed to using credit cards while buying them some toys. This will leave them with the impression that money is so valuable that you cannot acquire anything without it.
As a parent, you are the first financial advisor your kids will ever know. It is, therefore, imperative that you properly guide them on how to save money. For instance, you could begin by teaching them the importance of storing money in an appropriate manner. Keeping money in a scattered way will not teach them how to handle money in a responsible manner. Below are some critical steps you could take towards ensuring that your kids realize that money is to be valued, taken care of and respected.
- Get them a piggy bank: If your kids are in the habit of demanding to have everything they set their eyes on in your local department store, you should make them save money in a personalized piggy bank. Make them understand that if they save money in their piggy bank, they could always come back to the store at a future date and purchase their desired item, thus encouraging them to save money. Personalized piggy banks essentially render the act of saving money fulfilling as your kids will be thrilled to observe their piggy banks filling up.
- Avoid buying your children clothes in season: Buying clothes in season will only make you unnecessarily spend more. You should instead purchase clothes when they are on sale, like after Christmas or summer sales. In the event that you spot an item on special sale, you need not pay for it out right. Instead, put the purchase on hold while ensuring to budget for it in the coming weeks.
- Let your kids help with car washing: Majority of kids enjoy using water, sponges, and bubbles. You could put this to good use and allow them to have fun washing your car. While you may have to do it properly later, at least they will have helped in their own way while understanding how this saved you money.
- Use home-made food for your kids’ parties: Instead of going for pizza or McDonalds for a party of 20 kids, you could prepare your own mini pizzas or even drumsticks. Your kids will not only love the food, you will also save a huge amount of money, a fact that should be made clear to them.
- Buy children clothes at opportunity shops or on eBay: Children outgrow their clothes very quickly; it is really not worth it buying them brand new clothes all the time. eBay presents an inexpensive option for acquiring kids’ clothes.
- Purchase toys from garage sales: There is no cheaper way to get toys than at garage sales. You should, however, ensure that the toys are safe for your kids’ use before buying them.
- Consider using hand-me-downs: With children growing up so quickly, hand-me-downs are the sensible way to go. Inquire from your family and friends to see if they have any hand-down clothes whose size fits any of your kids. In return, gather all clothes that no longer fit your kids and hand them to those friends and relatives.
- Employ toy rotation: Majority of kids generally have more toys in their possession than they actually require. You could take advantage of this by putting some of these toys away in a cupboard, and be rotating them every two to three weeks. This will not only allow you to enjoy less clutter in the house, it will also ensure that your children appreciate and enjoy those toys optimally.
- Have your kids make their own arts and crafts at home: Making your own arts and crafts at home are not only educational for your children, it will also save you a great deal of money. Consider searching the internet for arts and craft ideas.
Teaching kids how to manage money will essentially impact on their approach to banking later in their lives. You, therefore, cannot afford to take chances with their financial literacy; you will want to expose them as early as possible. With the global economic crisis that is threatening to tear down the economy, the least you could do for your kids is assuming the responsibility of preparing them for the difficult times awaiting them. Giving your children freedom to manage money on their own will go a long way in ensuring that they make wise financial decisions.
Hi, I’m Vera! I’m a blogger trying to lead a frugal (but not frustrating) lifestyle. For me, frugal living does not mean living a life you dread waking up to, or thinking that money controls you, when in fact, it’s the other way, you control the money. For me, it means being conscious of your spending, making sure it is a need, not a temporary wish that you might regret later, it’s giving yourself time to research the best deal when buying something so you don’t waste any money.
Follow Vera at www.frugalfrogs.com