Parents usually teach their children how to read, ride, and tie their shoes because they know that these lessons will help that child later in life. For exactly the same reason parents should as well teach their kids how to be frugal.
As parents teach their kids frugal lessons, they should approach this topic carefully. This is because if they happen to go overboard they can send a negative message and it might not be a cherished childhood experience for a child. Lecturing a child on frugality may not be better. This is because no matter how many times you try to explain that turning off the lights after leaving a room will help in lowering electricity bill is unlikely to get your job done.
There are so many ways of helping a child understand the importance of being frugal. Below are some of the best methods that you can use:
1. Make them understand how money works in the real world
Parents should make the kids understand that in the real world, one does not always get what he/she wants in this life. Things are not always free and one has to work to get money, and when it is spent, it is gone. Once a parent makes kids understand this aspects day to day, they will understand their entitlement and will know that since a parent’s works to get that money, it should be spared where possible.
2. Being frugal through saving money
It is good to train kids on how to save money no matter how small they have. When it comes to saving, no child is too young to understand the concept. What a parent needs to do is to find a fun and creative way to help a child set saving goals. Fun ways to teach them is promising them a trip to a certain destination and then tell them to save towards it. This will help them understand that money, no matter how small, if saved it can help a lot.
3. The grocery game
In most cases, kids do not understand that their parent’s funds are limited. You can find that when a parent heads to store with kids, it can be hard to help them understand that it is good to budget to maintain the money. The best way of making them frugal is by asking them to come up with a menu as well as a grocery list with budget. A parent can set a budget, give them flyers and coupons to use and challenge them to come up with a menu that comes under the set budget. If a parent tells them that the one who will come up with the ideal budget it will be used for shopping, they will be more motivated.
5. Where to go for free
A parent can ask the kids to come up with a story on a free day where everything is free all day. A kid can be encouraged by being asked to find ideas that he/she can incorporate into the story by finding out in the newspaper, internet, or magazines. Once the kid completes the fantasy free day, a parent can then take the kid to the suggested destinations. This way kids will understand that even free events are fun and economical.
5. helping kids achieve short-term goals
Just like adults, kids have both short-term wants and desires. Helping a child save towards these goals can be very helpful. If a child manages to save even $20, this may seem small but to a kid it is a great achievement. A parent can encourage this by offering to double every dollar they save. This will help in making their goals more realistic and will eventually understand the benefits of saving money.
6. Finding the best deal
A parent can take a kid to a stall and play a little game before shopping for anything. Teach them about unit prices and how to break down prices to determine the best deal. Them a parent can take them through the store and ask them to find the best deal for everything to be bought.
Making frugality fun for a child will help them to grow up while understanding the importance and the reasons behind being frugal. Luckily, they will embrace these concepts when they become adults and will achieve more in life!