One of the best things you can teach your children is effective ways of saving money. This doesn't start when they are teens and have their first job. It starts as soon as they understand the meaning of money.
Saving money as a family venture can be fun, while also teaching responsibility. No matter what your family's income is, you can find ways to save money. The "habit" of saving is what helps you to meet goals.
Set a Small Goal to Start With
Gather your family members and decide on a small goal for saving money to start with. The goal could be saving to go to the movies once a month or to let the money accumulate each month. The goal amount could be raised each month for some fun competition. Saving for monthly movies or another family activity gives children something to look forward to, while learning what it takes to meet that goal.
Cutting Back
Each family member can choose one thing to cut back on expenses. For example, if your teen regularly buys magazines, they could opt to go to the library for free. If you or your spouse get professional hair cuts, learn how to cut your own hair or go less often. The money each family member would normally spend goes into savings.
Coupons
Get the family involved in making grocery lists and clipping coupons. Making a grocery list can save money because it prevents you from buying unnecessary items once you are in the store. You can get more savings by using coupons for only items that are on your list.
Savings in Everyday Life
Be consciously aware of everything your family spends money on from groceries to the latte you get on the way to work. Separate wants from needs. Decide what your family priorities are for each aspect of spending money. Instead of buying new clothing, buy from thrift or consignment shops. If you are in the market for a new appliance, wait for a sale. The goal is to be more aware of how your money is spent and how better to save it, while teaching children the benefit of setting goals.
Saving money as a family venture can be fun, while also teaching responsibility. No matter what your family's income is, you can find ways to save money. The "habit" of saving is what helps you to meet goals.
Set a Small Goal to Start With
Gather your family members and decide on a small goal for saving money to start with. The goal could be saving to go to the movies once a month or to let the money accumulate each month. The goal amount could be raised each month for some fun competition. Saving for monthly movies or another family activity gives children something to look forward to, while learning what it takes to meet that goal.
Cutting Back
Each family member can choose one thing to cut back on expenses. For example, if your teen regularly buys magazines, they could opt to go to the library for free. If you or your spouse get professional hair cuts, learn how to cut your own hair or go less often. The money each family member would normally spend goes into savings.
Coupons
Get the family involved in making grocery lists and clipping coupons. Making a grocery list can save money because it prevents you from buying unnecessary items once you are in the store. You can get more savings by using coupons for only items that are on your list.
Savings in Everyday Life
Be consciously aware of everything your family spends money on from groceries to the latte you get on the way to work. Separate wants from needs. Decide what your family priorities are for each aspect of spending money. Instead of buying new clothing, buy from thrift or consignment shops. If you are in the market for a new appliance, wait for a sale. The goal is to be more aware of how your money is spent and how better to save it, while teaching children the benefit of setting goals.