After deciding that you need to change your ways and move towards a more frugal life, you can tell all kinds of stories about the trials and tribulations you’ve been through. Adjusting to a thriftier lifestyle can be tough. It’s certainly not a task for the faint of heart.
Teaching your kids to embrace a frugal lifestyle now can save them from having to go through the same period of adjustment. Imagine how much easier it will be for your son or daughter to manage his finances as a grown up if you’ve been teaching him how to do it all along. Like many life lessons, teaching your kids to be good with me can be fun, as long as you’re creative about how you introduce the lesson.
Race to the finish – Encouraging kids to save is an integral part of teaching them to be frugal. You can help your little ones be the best savers they can be by making it a contest. Take two identical containers (or more depending upon the size of your family) and let the kids decorate them however they want. Then, challenge each of the kids to be the first to fill up his jar. Make sure you reward the winner (Getting a special privilege like choosing the movie you rent one night is a great reward.) and then get ready to start again. Don’t be tempted to let the kids spend their earnings at the end of the contest. You can quietly deposit the savings to a savings account in the child’s name.
Have a coupon scavenger hunt – When the Sunday paper arrives, you can divvy up the different advertisement sections between the kids. Then, see who can find the best coupon. You’ll get help with coupon-clipping and get to spend a little extra time with your little ones.
Stretch those allowance dollars – Part of teaching children to be frugal has to be teaching them to make wise choices when they do get to spend money. Why not let the little ones spend part of their allowance at your favorite dollar store? Make a game of seeing who can get the most for his money.
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