He ran up to me with a package of cookies in his hand and a big grin on his face. I looked down and noticed that he picked the generic brand of Oreos. I then (foolishly) told him that he must have made a mistake because the package he had in his hand wasn\u2019t really Oreos, but a cheap knock-off brand.<\/p>\n
He smiled and said, \u201cI know mom, and they only cost $1.69, the Oreos are $3.\u201d I then explained to him that this brand couldn\u2019t possibly taste as good as the real deal, but if that is what he wanted I would buy it.<\/p>\n
What was I thinking!!! Here was my son, being a smart shopper and me Toni Tightwad, wanting to pay double for a bag of cookies! We bought the cookies, and I am sure you will all be shocked to find out that they taste just as good as Oreos, if not better.<\/p>\n
This was a lesson I’d been trying to teach my children for many years (try the cheaper brand, you might like it), but when it came to something that I love (Oreos) I wasn\u2019t willing to take my own advice.<\/p>\n
This whole event started me thinking about how we are training our children to handle money. Like many kids, when my children receive money they want to immediately spend it on something.<\/p>\n
It really doesn\u2019t matter what they spend it on, they just want to spend it! In order to help curb this tendency we have been helping them see how to do things differently.<\/p>\n
Here are a few things we’ve tried over the years to help create a frugal mindset for our kids.<\/p>\n
![\"money](\"https:\/\/thehappyhousewife.com\/frugal-living\/files\/2018\/07\/money-management-activities-for-kids.jpg\")
<\/p>\n
How to Teach Children to Save Money<\/h2>\n\n- They clip coupons and view the savings on the receipt.<\/li>\n
- They actively search the sale ads and coupons for the best deal.<\/li>\n
- We have taught them to try generic brands (of course they have learned this one better than I).<\/li>\n
- When they do have to spend money we try take them to a thrift store or yard sales. While they are shopping we encourage them to find a gift for their siblings if there is a birthday coming up.<\/li>\n
- Occasionally we will come home from a thrift store trip and look up online the actual cost for the items purchased. Many times we have saved $100\u2019s of dollars. They kids are always impressed.<\/li>\n
- They have been with us on many of our dumpster diving excursions.<\/li>\n
- They each have a bank account and are able to see their money grow each month.<\/li>\n
- We explain to them how much certain things cost so they understand where our money goes each month.<\/li>\n
- If they break a toy we do not replace it.<\/li>\n
- They play an active role in recycling and reducing waste.<\/li>\n
- When they really want to purchase a large item, we usually have them wait a month, to make sure they really want to buy it, and then see if we can find a used one.<\/li>\n
- We have allowed them to earn money so they understand the value of work and money.<\/li>\n
- They pass clothes on to friends and receive clothes as well. They are always excited to get a bag of \u201cnew\u201d clothes.<\/li>\n
- We have tried to be as honest as we can about our financial mistakes with our children. Maybe they can learn from us rather than repeat them.<\/li>\n<\/ul>\n
PSECU, a credit union in Pennsylvania, created this chart<\/a>, which includes age-appropriate money management activities, books, and smartphone apps for each age group.
\n![\"teach-kids-money-PSECU\"](\"https:\/\/thehappyhousewife.com\/frugal-living\/files\/2018\/07\/teach-kids-money-PSECU.jpg\")
<\/p>\nTake Your Children Shopping with You<\/h3>\n
This is one activity that you can use for children of nearly any age – simply take them grocery shopping<\/a> with you. It’s a great way to teach them everything from comparison shopping to sales and even basics like mathematics and how to calculate sales tax.<\/p>\nTake the opportunity to explain things like coupons and store brand vs. Name brand to teach them that you can save money even as you’re spending money and buying food for the house.<\/p>\n
Pay With Cash Whenever Possible<\/h3>\n
PSECU, a credit union in Pennsylvania, created this chart<\/a>, which includes age-appropriate money management activities, books, and smartphone apps for each age group. This is one activity that you can use for children of nearly any age – simply take them grocery shopping<\/a> with you. It’s a great way to teach them everything from comparison shopping to sales and even basics like mathematics and how to calculate sales tax.<\/p>\n Take the opportunity to explain things like coupons and store brand vs. Name brand to teach them that you can save money even as you’re spending money and buying food for the house.<\/p>\n
\n<\/p>\nTake Your Children Shopping with You<\/h3>\n
Pay With Cash Whenever Possible<\/h3>\n