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Teaching Your Kids About Money

Teaching your kids about frugal spending will help them be wise consumers in the future.

Teaching your kids about frugal spending will help them be wise consumers in the future.

Has anyone ever told you that you are a “chip off the old block?”  It is true that children start to mimic their parents at a very young age. This means it is never too early to start teaching your kids the value of smart saving and spending. Try some of these tips to free both you and your children from our consumer society.

Make it fun: Instead of focusing on the things that your kids can’t have or do, show them the fun things they can do without spending too much. Trips to the library, nature hikes, and games are cost-conscious ways to remind your children that a happy life is not determined by the stuff we have.

Limit advertising: Commercials and toy catalogs are targeted at kids to give them the “gimmes.” Limiting screen time will help your kids avoid these tempting advertisements. If your kids are old enough, help them understand the purpose of advertisements.

Create a game: Being frugal isn’t about restricting you and your kids from having anything fun. It is about getting the most out of the money you have. Teach this to your kids by turning a shopping trip into a game. Challenge kids to see how many things on a list they can get for the least amount of money.

Living a lifestyle of saving will illustrate for your kids what it means to be a cost-conscious consumer. If you help motivate your kids to think outside the box when it comes to spending, they will be more discerning as independent adults. MBT Bank is dedicated to you and your family. We want your kids to grow up to be wise spenders and help our communities flourish. Contact us with any questions you have about saving, spending, and budgeting.