In this tight economy, we're all trying to make cut backs. There's no better time than the present to enlist the help of your children on ways to save money. I have 10 ideas below, but please share your money-saving tips here and I'll include them in my newsletter next month.
10 Tips for Teaching Kids to Spend Less:
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Shop from a list. Before you go into any store, make a list of what you need. Don't stray from your list and don't let your children stray from their list. This is a key strategy for reducing impulse buying. It takes discipline and discipline is essential for reining in spending. When your child asks for an item while you're at a store ask: "Is it on our list?" If not, don't buy it.
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Do product comparisons. Before you and your children go shopping, have your child do some research on a product you'll be buying. My children wanted a bean bag chair for their tree house. They made a list of three stores and called each store to inquire about the size, color and cost of the chair. (Before the calls began we write a script for them to follow with proper phone etiquette.) Not only did they save money, they also learned about customer service. Online research can also be done.
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Shop clearance aisles. Most stores have a clearance area. Teach your children to shop there first.
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Make marketing strategies transparent. Point out that the expensive items are placed at eye level while the cheaper goods in a grocery store are on the bottom shelf. Show them how impulse items are displayed near the check out lane.
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Have a family meeting. At your family meeting, have a discussion about wants vs. needs. See what your children come up with. Then show them the reality. Teach your children about the cost of necessary items such as electricity, food, insurance and house payments. Budget money that can then be used for "wants" to contain unnecessary spending.
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Brainstorm ways to save money together. Kids are very creative. Let them use their creative juices on saving money. For instance, you could brainstorm on ways to save money on DVD rentals. Ideas might be: trading movies with other families; using the $1.00 kiosks at certain retailers; and checking out DVDs at the library.
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Shop garage sales. Most kids love a treasure hunt. If you have items you need, have them scrounge through piles at garage sales.
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Use coupon sites. Some popular sites are: http://www.coupons.com; http://www.CurrentCodes.com; http://www.couponmountain.com; http://www.coolsavings.com; http://www.retailmenot.com ; http://www.couponcabin.com. Give your kids half of the money saved from the coupons they find.
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Set limits on the number of times to eat out. Planning a weekly menu can help cut down these costs. Involve your children in menu planning and find ways for them to assist in the meal they helped pick.
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Set a budget for kids' activities. Most children are overscheduled. Take this opportunity to talk with your child about what cuts can be made. Choose one summer camp and have your child pick his/her top priority.
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I'm also offering a special this month on the audio class: How to Teach Your Child the Value of a Buck for just $10 in May.
If you'd like to learn 14 practical strategies for helping your child learn how to save, control impulse buying and be a wise consumer, go to http://www.getparentinghelpnow.com/MoneyMattersAudio.htm
In the 60-minute audio class you'll learn about setting up an allowance for your kids, whether chores should be tied to allowances, strategies to control impulse buying, fun games to teach investment and savings skills and more.
Teaching kids to be responsible with money and to stay out of debt is a parent's job. Get the tools you need to do a good job here: http://www.getparentinghelpnow.com/MoneyMattersAudio.htm
To receive the discount enter the coupon code: MONEY in the promotional code box at check out and press apply.
