Frugal Lessons to Teach Your Kids
Kids learn most of their life lessons from their parents. Parents are a source of knowledge from basic lessons like how to tie their shows and ride a bike to significant lessons about life skills. For this reason, you need to teach your child about looking after their money and being frugal.
4 Easy Frugal Lessons to Teach Your Kids
Teaching kids about money is not like any other lesson. This means that you need to be careful about the approach you take. Going overboard with lessons on frugality may send the wrong message to your child. Below are five easy frugal lessons you can teach your kids early in life;
1. Set an allowance
The easiest way you can teach your child frugality is by setting an allowance. You can do this as soon as your child can grasp the concept of an allowance. Most parents start giving their kids an allowance when they are three or four years old.
You introduce your kids to responsibilities. For instance, you can have your child do simple chores at home to earn their allowance. This will teach your child that they have to work for the money they get. It will also teach them the value of money. Failure to do this may also teach your kids to be dependent on others and entitled.
2. Saving is important
Saving is a vital aspect of frugality. You can start teaching your child about saving as soon as they understand the concept of money and its value. You can do this by emphasizing the importance of saving.
For instance, if your child wants an expensive toy, you can try to get them to save money to get the toy. This will instill the need to save money from a young age. It will also teach your child the importance of setting a savings goal.
Once you start giving your child an allowance, you can teach them to set aside a portion of the money. This behavior will translate into adulthood and teach your child to save a portion of their salary.
3. Teach your child about price comparison
One of the most challenging things parents have to do is teach their children about money’s value. One way to do that quickly would be through shopping comparison. Not only will this teach your child the value of money, but it will also teach them the importance of being keen on prices while shopping.
You can take it a notch higher by teaching your child to go for cheaper products and save the difference. Make sure to take your child with you when you shop as often as you can. Doing so will also help improve their maths skills.
4. Introduce your kids to online coupons
You can also introduce your kids to things like online coupons and promotions. With online coupons, you can get products at a cheaper rate. Involve your kids when you are looking at weekly flyers. This will teach your kids to be keen on prices and look for ways to save money on products. Most all major retailers have some form of online coupon code, and that is not exclusive to grocery stores. You can even obtain a discount for outdoor gear and apparel by using this Bass Pro Shops promo code.
Easy Frugal Lessons to Teach Your Kids
While teaching your child about frugality, make sure you accompany the lessons with explanations. Allow your child to understand while the lessons are essential.