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It is one thing to create good habits for ourselves, but many of us want to raise our kids to be in a better financial position than we are.
If you came late to the frugal living way of life, then chances are that you want to give your kids a head start. But how do you raise frugal kids?
Here are my top tips to get your kids in a frugal mindset so that they can start stashing cash at a young age.
Teach them money skills
Financial literacy is hugely neglected in this country. I hear people say every day how they wish they taught how to budget or what this financial term meant etc when they were in school.
Until the education system catches up, it falls on the shoulders of parents to pass along these skills. Luck for your kids, they have at least one parent who likes to read articles like this.
Show them how you budget, show them how to meal plan, show them how to get a cheaper price on their car insurance. They may not need these skills now but they will thank you for them later.
A huge part of careful money management is having goals. You need to know what you are working towards and how money is going to help you achieve that.
Children can have big goals too. Talk to them about what they want and create plans to achieve it. It might not be money orientated at this point but you are laying the foundation of this mindset.
Simplify their lives
If you fill your children’s lives with endless activities, particularly if they are paid for activities, then they become accustomed to this way of life.
Simplifying their lives and creating freedom means that they will develop their own creativity as well as being comfortable with less.
It is in these spaces that we develop good ideas and learn how to improve our situations. You will be setting you children up to become creative money makers and money savers.
Declutter your home
Just like the above too much stuff sets your children up to become the types of people that like to buy stuff and that is not a frugal way to live.
If they grow up in a home where less means more, then this is likely to spill into their adult lives. They will use their money for more worthwhile causes then for filling their homes with stuff.
Practise what you preach
Children learn by watching others, so you have got to jump on the frugal train yourself. But chances are you already on board.
Talking about your journey and experiences with your children. Explain the choices you make and why. When you can afford a great day out take the time to tell them the steps you took to be able to afford it.
Make it look like an enjoyable experience though. If your children think that you are suffering they will reject it when they are older.
What steps do you take to raise frugal children?
Do you have any advice for other parents? Were your parents frugal? If so, how did that affect you? Comment below to share your stories.
Disclaimer: Remember the information you read here does not represent advice. Any ideas or suggestions are just that and may not work for you. Read the full disclaimer here.