How to Curb Your Kids’ Spending

As parents, we are so focused on cutting back on our own spending in order to save money which we can then spend on our children, that we don’t really consider our children’s attitude towards money and how that could be harming our bank balance. It is important to bring your children up to have a healthy relationship with money so that they do not find themselves in financial hardship when they get older. Here, we run through some ideas of how to change your children’s attitude towards money.

Pocket Money

Pocket money is a fantastic way to teach children the value of money and how to manage their spending. The money that you would usually spend on treats for them, give to them directly instead at the start of the week. Explain to them that they are now in charge of what they spend the money on. At first, it is very likely that your child will be extremely excited about their new-found power however, it won’t be long before they begin to realize that money runs out and you have to make sacrifices rather than being able to have everything you want. For older children, you can even get pre-paid debit cards to make them feel more grown up and hopefully more responsible.

Energy Savings

One great way to help your children practice saving money is by setting some new rules in the house to help you save on your energy bills. For example, explain that they must switch lights off every time they leave a room, must not increase the temperature on the heating thermostat, and showers must be kept to a maximum time limit to save water. Another way in which you can teach them to appreciate the cost of day to day expenses is by putting a time limit on their technical device usage. This is a sure-fire way to get their attention! Luckily, if they try to pull the wool over your eyes you could always consider Home Automation which allows you to switch devices off remotely.

Educate Them About the World

In order to teach your children to be humble and appreciate the true value of money, it is important to teach them about how the rest of the world lives. If you find your child becoming greedy when it comes to the amount of presents they receive on Christmas day, for example, remind them that there are many children who aren’t lucky enough to have anything at all. Don’t be tempted to treat them to lots of gifts on special occasions as they will come to expect this and not value each one individually.

As a parent, you have a big responsibility to help your children to develop sensible thoughts when it comes to money. If they grow used to having a lot of money spent on them, they may struggle to handle the significant change of lifestyle that comes with moving out and supporting yourself. It is better to teach them how to live frugally so that they are well equipped for the challenges life may throw at them when they get older. For more ideas on how to live frugally as a parent, visit adventuresfrugalmom.com.