Many people ask how to teach children to be financially responsible and how to manage money. It is possible for children to be taught frugality in harsh ways, making them resent it rather than embrace it. This can make it difficult to learn the benefits of frugal living.
The most important aspect of being frugal, however, is learning how to save money. No child is too young for this concept. It is simple to find creative ways to make saving money fun for your child. This can be done by setting goals or helping them reach a goal. You can teach your child how to save by giving them a jar and challenging them to fill it in a set time. You could offer a reward, such as a match for the money or a family night.
The Grocery Game
It is often difficult for children to grasp that parents have limited funds. When you go to the grocery store, it can be difficult to explain to them that you have a budget. Your child should create a grocery list and menu with a budget. You can give them flyers and coupons, and ask them to create a grocery list within the budget. If they do a good job, you can use the grocery list to shop this week.
Where can you go for free
Your child can create a story about a day that is completely free. Look through magazines, newspapers and the Internet to help your child find ideas for his story. Share the day with him once he’s finished his fantasy-free day.
Help your child to achieve short-term goals
Children have the same wants and needs as adults. Teaching your child how to save money for these things is an important lesson. However, $50 or any other large amount of money may seem impossible to reach. Encourage them to save money for their needs by offering to match any dollar saved towards their goal. This will make it seem more achievable and will teach them a lot about the value of saving money.
Get the Best Deal
Play this game with your child as you shop for clothes and food. You can teach them unit prices and how to calculate the cost of any item to find the best deal. Next, take them around the store to help them find the best deals on everything they buy.
Your child will learn the value of saving money and Frugality. With luck, they will also embrace these concepts as adults and live their lives.