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This post was written by James Lander of Couponing
As you would expect, a lot of children nowadays are clueless about the value of money, let alone the value of their parents’ money. They cannot really be bothered to ponder the rigors their parents or grandparents go through to earn a living. As such, many children are not concerned about saving because they do not understand the dollar’s worth. The challenge for parents then is to teach children the value of money, how to save and why it’s important.
While they cannot fathom its value, children understand that money is meant to be spent. There’s no problem with that. But what parents need to teach their kids is that for money to be spent, it has to be there in the first place. Then after, they can impart skills on them of how to make that money available, in fun ways such as couponing.
Here are ways to teach children the importance of saving:
1. The first step in teaching your children the importance of saving is to show them the value of money. In any case, how would they save if they didn’t know the value of what they were saving? They already know what money is meant for – spending – so what you need to show them is how to make it available.
2. Next is to teach your children how to count and make them love it. This is particularly helpful if you’re going to teach them how to save with couponing and refunding schemes (which you should).
3. You will also want to give your little ones an allowance, say $15 or $20 per week, depending on their age. Most importantly, give them all the control with their money but make it clear to them that they would have to use part of their allowance to spend on their favorite stuff. For instance, if you gave your child $20 dollars a week and he wanted a new console worth $150, it wouldn’t take him long to figure out that what he wants is actually worth seven weeks of his allowance savings, and he would need to be disciplined enough to save up for his favorite buy.
4. Some parents find that the idea of giving children an allowance breeds a sense of ‘entitlement’ in them. If you’re such a parent, then consider teaching your children how to ‘earn’ money, instead of receiving ‘free’ money. You could set up simple chores for them, like tiding the yard or washing the pet, in exchange for some money. Older kids – 14 to 16 years – could even babysit.
5. Finally, you could buy them the classic piggy bank to pile up the pennies. A piggy bank is a great saving tool for children because it is a visual reminder of the value of money and it motivates them to always drop the extra little cash into it. You also have to emphasize that the longer they take to open their piggy bank, the more savings they’re likely to end up with.
Teach children how to save through couponing
Coupons are a great way to teach the little ones the importance of spending less. You could easily slash up to $200 off your monthly grocery expenditure if you maximize your couponing and refund schemes.
1. What you want to do first is to teach your children what coupons are and how to collect them. There are three main coupon types – manufacturer coupons, retailer coupons and online printable coupons. Explain what they are and how they are collected.
2. Introduce children to couponing in a fun way. Create a sort of competition for them to collect as many coupons as possible and give rewards for the most coupons collected. When you’ve made your grocery list, sit down with them to cut out the coupons. Children pick up things faster when they learn by example.
3. When you go to the grocery store, ensure that you show your children how to match shelved items with the coupons. Show them how a generic item differs from a branded one. Teach them how to shop by comparison and, as an incentive for them to like the idea of couponing, ‘reward’ them with part of the savings realized from couponing. You also need to spell out to your children what their wants (snacks, sweets, chocolate) and needs (basic food staples) are and how to prioritize.
On the whole, timing when to talk to your children about money and saving is crucial. You’ll find that it’s more effective to teach them on an incremental, everyday step-by-step basis, rather than in a single sitting during holidays.
About the Author: This post was written by James Lander of coupon site, Couponing. The site is dedicated to helping consumers save money with coupons.
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