The following is a guest post from Jason Miner.
In order to teach your child how to be frugal you need to start early. The earlier you start your child on frugal thinking the better for everyone. It’s hard to teach a 12 year old why they suddenly can’t have everything they want, so as soon as they can understand teach them!
What Does Being Frugal Mean?
First your child needs to understand what being frugal means; it doesn’t mean you can’t spend money, it just means being aware of your spending money and how you can save.
The easiest way for children to understand what saving money means is to practice it every day by doing small things and making them habits. Turning the water off when it’s not being used, turning off lights when leaving a room and throwing on socks and a sweater if you get cold. Little things like that will grow into bigger things and bigger savings.
Teach the Value of a Dollar
Giving your child an allowance will teach them the value of the dollar. Instead of just giving your child a certain amount each week, make sure they earn it by doing small chores around the home.
Obviously start an allowance system when your child is old enough to do chores like the dishes, trash and feeding the pets. Children don’t need a lot of money, so start off small and as their responsibilities and age increase, increase the allowance. Find age appropriate chores for kids in this free printable.
Wanting vs. Needing
It is important that you teach your child the difference between wanting something and needing something. You need food, shelter, clothing and education. You want toys, candy and the coolest shoes. A child needs to know that needs come first and then the wants.
Be patient with your child during this process and make it fun and a way of life. Practicing frugality at a young age will help them into their adulthood. They and you will be happy that you taught them everything they know about money. Good luck and happy teachings!
Jason Miner plays a vital role for www.blogcarnival.com. He is an expert in writing topics of different categories. He is helping the carnival team to grow & working on making this an even better place for bloggers.