Raise Frugal Teens in 3 Effective Steps
It is never too early to teach kids about important life skills, particularly in terms of money. At a young age, children can already grasp the basics of money management: people work for it and trade it for goods (clothes, food, etc.). And much like teaching reading or cooking skills, raising frugal teens also requires training and practice.
When kids reach teenagehood’, their interests and demands change. The desire to keep up with a modern lifestyle increases with the constant barrage of advertising seen everywhere. Some parents find it easy to discuss money matters with their kids, but some have no idea where to begin. There are several valuable strategies that parents can use to make sure that they raise frugal teens, simple and easy.
Start Young
Children learn best at the early stage of their development. Help children understand the value of dollars and cents as soon as they start learning how to count. Instill the importance of saving and spending wisely. Start with very small, easy tasks like extra household responsibilities in exchange for a few dollars. Then you can teach them to save ten percent of the money they earn to buy what they want and save the rest. When a child learns that money is equal to hard/smart work she/he will see the worth of saving before spending.
Teach By Example
It is said that modeling is the best teacher. To raise frugal teens, be creative and proactive. Keen teens copy what their parents do rather than what they say. Provide the right information through repetition and observation. Make trips to the bank a major highlight in your monthly calendar. Have them open their own bank accounts and let them manage their savings by walking them through the process. Find time for a family meeting to discuss your weekly expenses while reviewing which items you have overspent on.
Practice a Minimalist Lifestyle
Frugality essentially means living contently within your means. Cut back on certain things like social media, electronics, or trendy fashion. Instead, help your kids fill their time with things that are better. Raise frugal teens that have a great appreciation for nature. Initiate fun and interesting outdoor activities that the whole family can do together, like playing sports or going camping. Visit yard sales and compare the lowest discounted items or shop in a farmer’s market instead of big supermarkets. Only buy healthy snacks for kids and avoid junk food on your grocery list. When these activities are done regularly, teens will most likely develop this habit towards adulthood.
Now, these are just three of the many ways how to raise frugal teens. Remind them that money will present decision-making opportunities that may have negative or positive impacts on their lives. By becoming more in charge of their finances, they are well on their way to becoming happier, more secure adults.