This is a guest post by Amy from Money 4 This, Not 4 That, where she finds all kinds of ways to be frugal and cut costs just so she can spend the money on things that she truly enjoys. Life is not all about depriving ourselves to see how much we can save or how little we can spend. It’s about saving for the things in life that bring us joy.
“Mom, can I have that?” A question we all hate, because depending on what it is, it might not be bad. It might be something that they need. It might be something that everyone else has and you hate for your child to be left out. It might be the fourth thing they have asked for today and you are done giving in or done saying “No!” Or it really might be important.
In the end the question makes you think!
As parents we need to remember we are trying to raise kids that know the value of money. Kids that make good decisions, kids that aren’t filled with a sense of entitlement. Frugal kids, if I may.
It’s the little things we do every day that help make that possible.
When kids are little it’s important to remember not to give into everything they want, as this will become a lifestyle for them.
Even young kids can earn a small allowance and start to buy their own things. This takes the buying power from you and puts it on their little shoulders.
“Mom, can I have that?”
“I don’t know. Do you have enough money?”
It important to guide your kids, but let them make the decisions. My kids have made many buying mistakes. It’s part of the learning process. Now they don’t make those mistakes quite so often. Money spends differently when it’s their’s instead of mom and dad’s.
On a Disneyland trip, when our kids were 3rd and 5th grade, we told them to do their chores to earn money. Whatever money they earned we would double it. That would be the amount of money we would give them to spend at Disneyland. They could choose how much of that they wanted to take.
Those were the best shopping days. My son spent his money so wisely and methodically. My daughter on the other hand, spent it fast and furious and had regrets, but learned from it.
Things change as kids grow. Now my kids are older and they have a budget for clothing and activities. Once it’s gone, it’s gone. They are 15 and 16 and learning how to get the most out of their money.
My daughter is learning how to coupon. She buys her own make-up and hair color. I send her out with coupons and tell her exactly how to use them. She always comes home and has to tell me how she did it and how much she saved. She’s so proud of herself.
With these simple ideas we are teaching kids the value of money. We are teaching them to live within their means. Hmmm, that’s a novel concept.
You know what happens when you really concentrate on teaching your kids all about money, teaching them to coupon, teaching them to look for deals? They become frugal adults. Adults that spend wisely, save well and make good decisions.
This post may contain affiliate links. See the disclosure policy for more information.