Every parent wants to raise their kids to become self-reliant adults that appreciate the virtues of conservation. Thus, it is a parent’s job to teach their children acts of frugality. Learning the perks of frugality as a kid means being prepared to manage money as a grownup. These tips will have kids using their allowances, and future salaries, wisely.
Have Kids Help Cook
Eating out costs much more money than eating at home. Most kids learn this lesson on their own when they start hanging out at mall food courts. However, it’s an expense that parents can easily teach kids to avoid by cooking at home. When preparing dinner, get your kids involved so that they can learn a few recipes and how to feed themselves instead of relying on costly restaurants.
Turn Kids Into Handy People
People who practice frugality have a strong do-it-yourself attitude. This is especially true when it comes to tackling many of the maintenance needs around the house. Handling home repair jobs by yourself can save you a lot of money by avoiding the high price of hiring a professional, but it takes significant training to do it right.
As a parent, you should teach your kids at an early age numerous ways to fix basic things around the house. It teaches them how to be frugal by being self-reliant.
Open a Joint Savings Account
By opening a joint savings account, parents can teach their kids the benefits of putting their money away. Instead of a piggy bank, a real bank shows kids how their money can earn interest, while allowing parents to see just how well they are managing their money. By sharing an account, parents can provide guidance as to what their kids should be saving for. Parents can also match savings goals as a reward. A bank account will be very helpful when kids get close to the driving age and they need to start saving for car insurance and gas.
Visit the Library
The library, where numerous resources are provided for free and shared among its members, sums up the practice of frugality. Kids will enjoy visiting the library for all the children’s books, movies and, sometimes, video games. Even though it’s technically a quiet zone, the library can be a fun experience for kids. Little do they know that they are getting a prime lesson about frugality by using the free, reusable services available to them.
Use Coupons for Amusement Parks and Arcades
Kids typically learn like their primate relatives: monkey see, monkey do. Parents can teach their kids frugality by using coupons in places they enjoy, like amusement parks and arcades. By witnessing how savings lead to more time having fun, it is a lesson that will stick with them for years to come.
There are many things parents have to teach their kids, and one of the most essential is frugality. Starting early puts kids on a path to better money management by learning frugal spending and saving habits. How are you showing your kids the benefits of frugality?