By Jenna Smith
Teaching kids about money is an important concern for parents whose children are constantly bombarded with tempting advertisements for new games and toys. When teaching their kids about money, it is important for parents to remember that they are constantly modeling their spending habits in front of their children. Therefore, you can use your personal spending habits, along with these helpful tips, to set a good example for your children and teach them how to save money.
Always Use a Budget
If you are like most families, then you are likely to already have a budget in place. While this is effective for helping you to save money, it will not help your child learn how to save unless you show them the power of budgeting. Therefore, spend a few minutes with your child to talk about the things they spend their money on each month. Then, discuss the difference between their needs and the things they just want. Finally, work out a budget that provides them with a way to designate an amount of money to spend, save, and give to charity. This simple skill is one that they will use for the rest of their lives.
Shop for Discounts
When shopping with your child, be sure to let them see you shop for items that have discounts or significant promotions. As every savvy shopper knows, nothing should ever be bought at full price. Seasonal sales and discounts offered by programs, such as Audible.com coupons, can go a long way toward helping to cut the prices on items that a person buys every day. Additionally, guide your child to these types of discounts any time they have an item that they would like to purchase.
Choose Low-Cost Entertainment
Children today have many entertainment options. However, going to the movies and other fun entertainment venues can quickly add up and deplete a child’s funds. Instead, parents should help their child find entertainment that is affordable and fun, such as audio books or music. This type of entertainment is not only less expensive than other forms, but it can also be taken everywhere. This makes it ideal for children who frequently travel or commute to and from school each day. Additionally, many audible books and other transportable forms of entertainment can be made even more affordable through the use of coupons that can easily be found online.
Save Your Savings
Saving money is only helpful if you invest your savings into an account that can continue to grow. Therefore, show your child how to add up the money they save through Audible.com promo codes. Then, the amount of money they have saved can be placed it into an account for safe keeping. Over time, their account will grow and begin to collect interest. This is an excellent way to teach your kids that small amounts of saving over time is an ideal way to generate a large amount of money within their account. For many children, this will help them to begin looking at the long-term impact of saving on smaller purchases they make every day.
As children grow, they will begin to earn more money through gifts and eventually even through earnings from a part-time job. While your kids will be excited to be receiving their own money, it is important to guide them to make good decisions for managing their funds. By teaching your children to stay on track of their spending through a budget and helping them discover how to find affordable entertainment by using discounts and coupons, you will be setting your kids up for a bright financial future.