Frugal doesn’t mean cheap, it just means being wise with the money you have. Teaching your children to manage their money now will help them become better money-managers when they’re all grown up!
- Teach your children to engage with their creativity and imagination rather than focusing on material objects. Studies have shown that shared experiences make us happier anyway. Instead of buying the latest video game, take them to a play or cultural event. Visit a park or a museum.
- Don’t be wasteful. Teach your children how to reduce, re-use, and recycle. You can even learn how to compost together!
- Set savings goals and help your children achieve them—even if it’s for a new toy. You can use sticker charts or phone and computer applications to track saving and spending.
- Show your children how money works in the real world. Don’t just swipe your credit card; explain how money is earned and spent. If your children are old enough, you can talk about bank accounts, fees, and balancing checkbooks.
- Shop used. Visit thrift or secondhand stores to pick out great, gently used clothes. Or—
- Shop around. Show your kids that searching for the best deal can save them money. While a pair of shorts may cost $20 at one store, they might be $15 somewhere else. If they keep shopping around, they might find a coupon or a sale that makes those shorts $10! They will be excited to spend that extra $10 on something fun.
Do you teach your children to be frugal? What’s your best lesson?