How to Raise Frugal Kids

It’s up to you to instill positive values in your kids. It seems as though we are entering an age of permanent austerity. Because of this, our kids should be prepared for what lies ahead of them. The TV shows they watch and magazines they read aren’t going to do this for them. Remember though, you are not teaching your kids to be greedy or cheap. You want your kids to be frugal – this means smart with your money, confident in trying to save money and resourceful. 

1. Needs and Wants
The earlier you let your children know about needs and wants, the sooner they will be in a position to know what to ask for, and less likely to be disappointed if it’s simply impossible for you to afford a new video game. You should politely explain to your kids why they cannot have a certain item for free. Perhaps they can pay for half, or save up for it themselves. Regardless, you have to make sure that you let them understand your entire financial situation and the importance of spending money wisely.

2. Shop Smart
When shopping, especially buying things for the children, you will come across different things that may seem nice or thoughtful. To stay on the safe side, you should have a list of all the things that you should buy. It is advisable that you carry the exact amount of cash you require with you when going shopping. This will make it impossible for you to buy things that you don’t require. Even some things that you think you may need may not actually be necessary. If you’re smart, you’ll learn how to find deals so that you have enough left-over cash to get something else.

3. Reuse and Recycle
You should teach your children to share their clothes. If the older one’s clothes have been outgrown, you should make clear to them why they should give their clothes to their younger siblings. You can also exchange clothes with your neighbor or friend. Also, if you come across any kind of clothes that are quite affordable but too big for your child, you should buy it now and then put it aside until the child grows into it.

4. Responsibility
It is important to communicate to your children why they have to be responsible for their actions. This will put them in a good position to budget the finances that they have. If they do any kinds of chores, you can reward them by giving them a small amount of cash. This will teach them that they have to work and put in a lot of effort to get cash. After giving them money, help them in making decisions on how to use it and how best to save the remaining cash. By guiding them, the children will grow up knowing how to be responsible with their finances.

Kelsey Mass loves to write, save money and visit healthinsurancequotes.org.