How to Teach Your Kids to be Frugal
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How to Teach Your Kids to be Frugal

Posted on Saturday, December 21st, 2019 at 1:09 am
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Very few people intrinsically understand how to be frugal with their money. Parents are going to have to teach those skills to their children. Doing so will help them to live frugally when they are older.

Making Choices with Money

Help your children understand how much things cost. One way to do this is to have them use their allowance, or the money their received on a gift card, to buy the items they want. The next time your child asks for something they want at a toy store, take the opportunity to talk about making choices with money.

Show your child how much the item costs. Clarify how much money the child has in their pocket or on their gift card. This can help young children understand if they can afford to buy it right now. If they want to buy two toys, but only have enough money to buy one, they must make a choice.

Have Your Kids Contribute

Older kids tend to want things that are expensive. A teenager who has a driver’s license can help pay for their own car insurance. Teens who desire to have the latest, newest, smartphone can pay for the data service portion of the bill.

Affording what they want will typically require the teenager to find employment. Parents can help their teenager to start keeping track of the amount of money they earn, and to make a budget. This skill will set them up to make informed, and frugal, choices about money after they leave for college.

Teach the Basics about Money

Tweens and teens are ready to learn about the differences between a credit card and a debit card. It is an important lesson to learn before they are old enough to apply for them. Make sure they know the difference between a savings account and a checking account.

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Good Tip: Saving money is important – especially if you have a lot of expenses like bills to pay, loans to pay off, and all the other things that drain your bank account. Figuring out a way to save money can feel tedious to some, and like a punishment to others. U.S. News suggests that you try one of these money saving challenges. The “No Eating Out for a Month” Challenge This one is self-explanatory. The goal is to avoid eating out for an entire month. This might be super easy for people who enjoy making meals at home. People who really enjoy dining out, or ordering food to be sent to their home, may struggle with this one. It’s worth a try because spending money on take-out is more expensive than buying groceries. The Pantry Challenge This one is a variation of the “No Eating Out for a Month” challenge. The goal is to use up all of your groceries before you buy more. It forces you to try and remember why you bought a food or beverage that you don’t know what to do with, and gives you the opportunity to find a way to use it. The one exemption to this challenge is the foods that have expired. Don’t eat them! Throw them in the trash. The “No Spend” Challenge Make a goal to avoid spending money during an entire weekend. The only exemption in this challenge is that you are allowed to pay bills. This challenge is interesting because it requires creativity. You must be creative and find workarounds for problems that you would typically solve by spending money. You may have a different outlook on spending after finishing this challenge.