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  1. #1
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    Default 7 Steps to More Frugal Children

    I read some useful tips on another site for helping children become frugal.

    1. Teach them that money comes from work. My boys used to ask me why my husband had to go to work and couldn’t stay home to play with them. I told them that Daddy goes to work so that Mommy can stay home with them and so that we can buy chicken nuggets and ice cream (they’re only 7 & 5….telling them that it is so we can buy asparagus is going to have them begging my husband to quit his job).

    2. Restrict toy purchases to birthdays, holidays and “special days” (the lost tooth, the day he scored the only goal that won the soccer game, etc). While I know that it is easier to silence the “BUT I WAAAAAANT A NEW POKEMON!” cries at Target with just grabbing the $5 toy, you are setting a dangerous precedent. As they get older, their demands invariably get more expensive! (and no - a Tuesday is not a “special day”, unless your child discovered the cure for cancer that day!)

    3. Give them a small allowance so that they can save up for those extra toys. Even if it is only a dollar a week. Let them know that it is theirs to do with what they please, but if they spend it all on Hershey Bars, there will be no more until the following week. Help them set goals by figuring out something that they want (the $5 Pokemon, the $30 DS game) and how long it will take them to save up for it. You can even help them to create their own “Emergency Fund” (you know - for the day that they find the toy that’s been sold out forever!)

    4. Give them the opportunity to earn extra money through extra chores. Note: I said “extra chores”. I don’t think kids should be paid for keeping their room clean or picking up their shoes (although your mileage may vary). Make them work for it. I’m not talking about setting up your own little sweatshop, but you can give them age-appropriate chores. Offer to give them a few extra dollars towards that new video game if they help Daddy rake the leaves

    5. Let them know what steps you are taking to save money. My children know all about my couponing. I usually take them to the grocery store with me (not exactly by choice) and we try to make it in to a game. I will often give them a coupon for an item that we are buying and ask them to find it. When I ask them to turn off their bedroom light when they leave the room, I let them know that the less money we spend on electricity means that we have more money for pizza.

    6. Consider getting them Financial Peace for Children. If you have gone through the program for adults, or simply understand the basics of Financial Peace, you can easily make up your own version. I do like the Dave Ramsey version, but that’s just me. (note: if you do buy it and you have more than one child, make sure that you get the “add-on kit” for your other children rather than a kit for each child!)

    7. Lead by example. This should be obvious, but it isn’t to many people. While most moms that I know spend way more money on their children than themselves, don’t buy yourself a whole bunch of toys (shoes, TVs, etc) if you are telling your kids that there is no money for cookies.

    Source: MomsNeedtoKnow

    What do you think of the list? Are there somethings missing or do some items on the list not belong?

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  3. #2
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    Default Re: 7 Steps to More Frugal Children

    Good post. This is something that me and my Dh do daily. Kids need to know that money don't grow on trees. I used to tell my kids that we can't go out back to pick what money we want off the tree. Kids learn fast, just have to remind them daily until they really get it.
    Tonia

    Wisdom is doing now what you will be happy with later on.

  4. #3
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    Default Re: 7 Steps to More Frugal Children

    I wanted to find this information because I was watching a show this weekend, and an 18 year old did not know that she had to pay back items charged on a credit card. She thought it was a free gift!

    After I saw that segment, I immediately had another class with my kids. I have always let them know that when I use a card to buy anything, that card draws the money out of our bank account and gives it to the store.

    We also try very hard to teach them the value of money, use it wisely, and respect it.

  5. #4
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    Default Re: 7 Steps to More Frugal Children

    I don’t think kids should be paid for keeping their room clean or picking up their shoes
    I really agree with this comment beyond words! My boys have asked to get paid for making their beds etc, but I keep telling them that no one pays me for just waking up in the morning, getting dressed and cleaning our house. Remind them that when they grow up and move out no one will pay them for doing that either.

    In my area cash is hard to come by-most jobs direct deposit your paycheck. I have made up checks for the boys to use to pay for things at home and then deducted that from their allowances so they can really understand how a checking account works-just because you have a check does not mean you have money, that was a tough one to get them to understand.

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    Default Re: 7 Steps to More Frugal Children

    Quote Originally Posted by wilbe95 View Post
    I really agree with this comment beyond words! My boys have asked to get paid for making their beds etc, but I keep telling them that no one pays me for just waking up in the morning, getting dressed and cleaning our house. Remind them that when they grow up and move out no one will pay them for doing that either.

    Sounds like we have the same boys! I tell them that there work around here is contributing to the family. If anyone was going to be paid for working around here, it should definitely be me!

    In my area cash is hard to come by-most jobs direct deposit your paycheck. I have made up checks for the boys to use to pay for things at home and then deducted that from their allowances so they can really understand how a checking account works-just because you have a check does not mean you have money, that was a tough one to get them to understand.

    My younger ones have coins. My older son saves his Christmas money that he receives from my father so he has a bank account and spending money. He is trying to be better about spending money, but if we "let" him, I think he would not have a dime.

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    Default Re: 7 Steps to More Frugal Children

    Quote Originally Posted by wilbe95 View Post
    In my area cash is hard to come by-most jobs direct deposit your paycheck. I have made up checks for the boys to use to pay for things at home and then deducted that from their allowances so they can really understand how a checking account works-just because you have a check does not mean you have money, that was a tough one to get them to understand.
    That's a very interesting idea. I had never thought of that one.... Thanks for sharing!
    Also, I was wondering... my children are 3, 2, and 6 mos. The 2 oldest are being taught some of these principles already. They know that money comes from work, etc. I had attempted allowance at one point in time, but they don't seem to get it. Generally speaking, what age is a good age to start an allowance for extra chores, etc?

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    Default Re: 7 Steps to More Frugal Children

    My mom did all that, except she also would give us extra money for good grades, 1$ for every 'A', $.50 for every 'B', nothing for a 'C', and 'D's and 'F's got us grounded. My friends always wondered why I would rather do my homework than play.

  9. #8
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    Default Re: 7 Steps to More Frugal Children

    I sometimes let my children know how much money we have to spend on a particular trip, and what specifically we need to buy(from a list), and let them go! It teaches them that it's not cheap providing all the thing you need to run a household, and they sometimes can save money that I let them use to get a treat as a reward for frugal shopping! Now my 8 year old tells me that things are too expensive and we should "just get something cheaper, mom!" haha

 

 

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