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Teaching kids to be frugal

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Some kids were born with a gold spoon in their mouth, but not all were! If your kids weren’t born with a stash of never ending cash, then you’ve got to do the next best thing for them, which is to make sure that you embed enough frugality into them that they end up financially better off than their peers.

One of the best things you can do for your kids is to give them a good and financially sound start in life by teaching them to be frugal. Start your penny pinching tribe early.

This post contains an affiliate link. This allows us a small commission on any sale made by you after clicking the link. It is at no cost to you of course.

 

 

 

Get them just as excited to do maths and mental calculations as you do with wanting them to learn to read. Give them a feel for money and its value from early on. It starts with simple counting activities like, how many peas they have left on their plate.



Get them saving their coins from early on. Friends and family members usually separate themselves from their cash while pinching the cheeks on the little darlings. Encourage them to watch that savings grow into quite a fine sum before too long. You could make it into a game of some sort.
Take them to one of the coin change machines when they’ve saved up enough. Watch their eyes light up when they see how much they’ve saved and what it can be used to purchase. Encourage them not to spend it all in one go.
Let your kids keep a really basic system of accounts for their savings and how much they are spending. All it needs is an exercise book with three columns: one for the date and the others for when money is put in or taken out.
You must give them pocket money weekly or monthly, depending on their age and your circumstances. It may or may not be linked to chores done, that’s all entirely up to you.
Teach them to save up for bigger items that they want to purchase. I started putting a small amount of money into a bank account for my child several years ago and made it so that the funds could not be touched until the child is 18 years old. I was shocked to realize that, although we have quite a way to go before the 18th birthday, the account actually has thousands of pounds in! This, I’m thinking, is enough for a trip abroad, a first car, even a deposit on a house!
So it’s a good idea to put away some money for your child each month in a secure bank account in the child’s name until they reach 18 years of age. This will really help them to realize that every little adds up.
Encourage them to live within their means, not to rely on borrowed money but to pay it back in a timely fashion if they did borrow. I know that as soon as children reach the second half of the teen years, they start to be bombarded by banks and other financial institutions, offering them credit cards with ‘real’ money on. If these children are not careful, they start off their adult lives already in debt. Teach them about this before they reach the age. It’s good to be financially literate.



Teach the value of investing. You can share your own stories with them. Help them to monetise by sorting and offering for sale some of their possessions that they no longer want or that no longer fit.
As they get older, encourage them to do chores for relatives and other family friends for a fee. This could include, pet sitting, cutting grass, picking fruits, styling hair, baby sitting, doing laundry, shopping etc. They just need to be creative.

 

Discourage them from activities that zap their savings like gambling, slot machines, betting etc but encourage them instead to open up a savings account as soon as they are old enough. Then they could transfer to a more recognized and less tempting method for keeping their savings safe.
Encourage charitable living. It works. I don’t know why it does but it does. Giving and helping others just seem to operate on a really good wheel where the benefit always come back to the giver.
Encourage, encourage, encourage. Little ones sometimes get frustrated when they can’t seem to save up enough, or their money gets lost, or they want to empty that piggy bank and spend it on the first item their eye catches. You are there as the main encourager and motivator.

 

Depending on their age, don’t make the decision for them. Of course when they make bad decisions, talk them through it, allowing them to see that they could have done things differently.
In a few years, you would have raised a frugally sound and financially stable individual, raised by your own fair, frugal hands.

Oh, by the way, for your own 101 frugal tips, click this link and get them in a format you can choose to read or print out. It’s truly an amazing list that you’ll wanna keep and share with your friends.

Let us know if you’ve implemented any of these tips with your own kids and also do share if you have ideas of your own. Who knows, your financial wisdom shared with your own kids might one day come back to benefit you.


 

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Comments

  1. JT says

    October 21, 2016 at 7:07 pm

    I like the subject matter you’re discussing! Teaching kids about money is so key in their growth and independence.

    Kids don’t naturally want to be frugal. Glad you’re giving tips on how to encourage them!

    My site is about helping parents teach their kids about money, so I’m glad there’s like-minded bloggers!

    https://justmakingcents.com/new-start-here/

    Reply
    • Joleisa says

      October 25, 2016 at 12:47 pm

      Hi JT
      Thanks for your comments. I will check out your blog. Don’t forget Pinterest. I can add you to a few boards

      Reply
  2. Anders says

    March 23, 2017 at 10:30 pm

    Hello Joleisa and thank you for bringing this up!

    Our daughter is two years old now so she is still a bit too young for the money talks. But I’m preparing myself for how to handle this. I like that you touch on financial literacy in your post. It’s a concept that I am a big fan of. When I grew up, no one really taught me about money, finances or investing. I had to learn my own way.

    Perhaps that’s the reason I’m so interested in the subject too and why I hope it will rub off on my daughter as well. We’re also setting aside money for her and we have been every month since she was born. It’s nice to see how it’s starting to add up now. In a few years, the compound interest will start to work magic on that money too I hope and she will have a good start in her adult life.

    I personally think this topic is rather difficult. I want us to raise a girl who will become a frugal, money-smart woman, who also knows the power of investments. That’s why I think it’s so important that people like you Joleisa make posts like this and help parents think about the ways to teach their children about money.

    I hope you have a nice day!

    Reply
    • Joleisa says

      March 24, 2017 at 11:23 am

      Thanks for your comments Anders. No doubt your daughter is having a fabulous start to her financial success in life. My son just got possession of his ‘pot of money’ that we’ve been saving for him for years! It would be rewarding to know that he spends it wisely and well. I believe so many people would do better in life if they had this education from early on. Thanks again for stopping by and have a wonderful day yourself.
      Joleisa xoxo

      Reply
  3. nicole says

    June 7, 2017 at 4:10 pm

    This is so important, it teaches kids the importance of value. Great read, thank you!

    -www.wanderlustbrunette.com

    Reply
  4. Sonyo Estavillo says

    June 7, 2017 at 8:23 pm

    I definitely think that kids are so impressionable early on. This is why we need to teach them lessons early on rather than when it’s too late and they are set in their ways. Teach them while they’re little sponges ready and willing to absorb lessons taught to them. I know, I have a 2-year-old so it’s great to teach her lessons on how to be financially responsible. πŸ™‚

    Reply
  5. Evelyn Reese says

    June 8, 2017 at 3:37 am

    These are great tips to start teaching kids to be frugal. I will be sharing these with my daughter for my granddaughter.

    Reply
  6. Joscelyn says

    June 8, 2017 at 3:15 pm

    We’re trying to teach our children the value of money since they’re now in their teens. I think they now understand that everything costs, whether it’s running the water while they brush their teeth or leave the tv on when they go outside. It’s not easy when they’re not paying for these things themselves, but I hear them getting on to each other, so I think it’s actually starting to sink in!

    Reply
  7. Lisa says

    June 8, 2017 at 4:49 pm

    I love these tips for children and totally agree with you! This is a great article! Thanks for sharing!

    XO-Lisa

    http://www.thatssodarling.com

    Reply
  8. Talya says

    December 11, 2017 at 2:42 pm

    This is so important in today’s throw away world. Great tips!

    Reply
  9. Neha says

    December 13, 2017 at 5:35 pm

    Interesting to read. I don’t know much about kids but my sister liked your article more then me. πŸ™‚

    Reply
  10. Angela Nelson says

    December 13, 2017 at 7:39 pm

    Worthwhile subject to discuss! So important!

    Reply
  11. The Angelinos says

    December 15, 2017 at 5:55 pm

    I love this! I learned a lot about frugality and valuing money from my parents, and it’s shaped my A+ credit score (which I’m very proud of) and I hope to pass down those values to my kids one day. Great article!

    Reply

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Hi, we're Jo and Leisa, twin sisters and authors of Joleisa.com. Originally from the sandy beaches of Jamaica we now reside in England where we followed our calling to teach. But sometimes that call changes and our new passion is writing. We're here to give the ups and downs of it all with our lifestyle tips and tricks to help you avoid the sour lemons that can get in our way of frugal budgeting, intentional living and happiness. Join us and learn more about how we found the simplest ways to achieve easy living. Read More…

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