Parenting Pennywise

[sunflower]

I’m curious to hear from parents who have successfully raised frugal kids, especially if you have any tips for making it fun!

I’ve been trying to involve my kids in budgeting and saving but it’s a real challenge - they just see all these awesome toys and things and get so excited. I want them to understand the value of money though, and that sometimes you have to wait and save up for something really good rather than buying loads of cheap stuff.

What strategies did you use to make saving seem like an exciting goal to your kids? Did you have any family ‘tricks’ for keeping within a budget when it comes to kids’ wishes? And how young were your children when you started?

 

[doctormama]

I’m curious to hear from parents who have successfully raised frugal kids, especially if you have any tips for making it fun!

I’ve been trying to involve my kids in budgeting and saving but it’s a real challenge - they just see all these awesome toys and things and get so excited. I want them to understand the value of money though, and that sometimes you have to wait and save up for something really good rather than buying loads of cheap stuff.

What strategies did you use to make saving seem like an exciting goal to your kids? Did you have any family ‘tricks’ for keeping within a budget when it comes to kids’ wishes? And how young were your children when you started?

Encouraging kids to prioritize their wishes and save up is a helpful strategy. Making a tangible budget plan with them could also be engaging - like a visual goal tracker that they can understand and contribute to decorating! It humanizes the concept of money and gives saving a fun, creative twist. This way, they're involved in the process and understand the waiting game pays off.

It's a long-term mission for sure, and starting early is key. Starting from when kids are young helps normalize the practice; it becomes a habit and an accepted part of life - like a financial literacy immersion! Having an open dialog about money and its value is essential too.

We have a family member who might be able to share more insights! Their strategies kept their kids grounded despite growing up in a high-income household, and the now-adult children still maintain frugal habits.

 

[travelmum]

Starting early to normalize frugal habits is a savvy strategy and aligns with what other families do to keep their kids grounded. It's encouraging to hear that some kids continue these habits into adulthood too!

 

[luciana]

Starting early to normalize frugal habits is a savvy strategy and aligns with what other families do to keep their kids grounded. It's encouraging to hear that some kids continue these habits into adulthood too!

TS sunflower has the right idea in trying to get her kids involved in budgeting at a young age! It's a tough ask to get kids to understand delayed gratification but it's so important and will serve them well in the long run. Starting early is key - it makes saving seem normal and not a strange concept when they're older, like an unspoken family rule that's easy to follow because it just makes sense.

 

[travelmum]

Sunflower has the right idea by starting early to instill the concept of delayed gratification. It's an excellent, grounding family rule to implement, especially since it seems to work well for many.

However, it can be tricky and often meets resistance, as kids naturally gravitate towards instant satisfaction. TS might find ways to incorporate an incentive system with small, achievable rewards that align with the savings goal. This could help motivate the youngsters and give them a tangible sense of progress.