People tend to tell children and teens to focus on their academics while they’re living with their parents who provide everything they need. Just because they are dependent in their parents, however, doesn’t mean they can’t do anything to help with their family’s expenses.
Every penny counts—parents and guardians know this. From paying bills to providing allowances for transportation, food, and school work, they need money to get what their families need. If you’re a parent or guardian yourself, it’s your responsibility to teach and encourage your children to save money. You can start by teaching them these ideals.
Respect the Value of Money
People who understand the value of money are less likely to waste them. Children need to learn from an early age that money isn’t free and that they need to work hard to earn it. Introduce the concept of poverty and that many kids their age don’t have the comforts and privileges they enjoy every day. These lessons are easy to introduce to children who attend progressive schools that teach real-life applications of classroom lessons, like the international school in Bali.
Accepting that Less Can Be More
The key to saving money is living simply. If you could teach your kids the value of the motto, “Less is more,” then saving for rainy days will become second nature to them. One way to do this is to take note of what your children buy every day. See if there are things they don’t need. Point out that those items may not be as important or useful as they might think, and that saving their allowance would be the smarter thing to do.
Make Packed Lunches a Habit
Grocery shopping and making packed lunches instead of buying food at the canteen or nearby fast food can teach children how to be frugal without compromising their health. In time, they will realise that they are eating far more nutritious food than their classmates who buy whatever snack they fancy. They’ll also learn that by bringing food from home, they can save and use more of their pocket money for their hobbies and interests.
Save the Environment
Green living benefits everybody. As a parent or guardian, think of ways to show your kids that saving the environment is an effective way of saving money. One example is reusing old office documents as drawing or practice sheets instead of buying sketch pads and notebooks. Another is reminding children to turn off and unplug any electrical device when not in use. You’ll discover many other ways to save as long as you stick to the goal of eco-friendly and sustainable living.
Finishing their studies will indeed prepare students for the future, but that’s not the only thing they need to do to become capable and responsible adults. As students, they need to appreciate the simple things in life and live by ideals that promote frugal living. These lessons will give them an advantage in life.
Do your part to ensure your children will become capable money managers. Teach them how to be frugal and to save more than they spend.