Thursday, 10 July 2014

Teaching Your Children The Secret To Leading A Frugal Future

Posted at  03:27  |  in  Frugal

There are many dads who are a master of frugality and they think that this is their way of living that will automatically pass on to their offsprings. But this is not so. Kids nowadays are carried away too much by their emotions and very soon they give up on the idea of frugality. Most young adults, on reaching their college life, start having the idea that this is the time to spend money out of their means. In fact this is the main reason behind the student credit card debt and student loan debt that is spiralling out of control. Parents need to speak to their children about leading a frugal life as without this, most children fail to become a financially responsible citizen. Check out 4 ways in which parents can converse with their kids about leading a frugal life.

  1. Converse with your children about money: Speaking with your kids about money still remains a taboo in our society. Usually parents are comfortable discussing other private topics with their kids rather than speaking about money. Workplace, relationships, health are some of the other private topics that parents speak about with their kids. However, it is time for them to realize that unless and until they speak to their kids about money, it is almost impossible to train them into growing up as frugal human beings. Be willing to answer their queries so that they also feel comfortable with you.
  2. Try not to make them materialistic: Your kids might crave for different expensive things like branded shoes, branded cars but you, as a responsible and wise parent, should avoid succumbing to all their wishes. As parents, you should try to find a balance between a lifestyle that will help your children with some flexibility in this world that gives undue importance to materialism. Offer them a good life but don’t make them too materialistic.
  3. Boost your kids to become entrepreneurial: Children usually learn the value of a dollar when they know that earning it is pretty tough. Nowadays, kids can do a number of jobs in accordance with their age, either sitting at home or going to an office. Make them understand the value of a dollar so that they know how to earn it and also preserve it at the same time.
  4. Help them to inculcate the habit of saving: You can help them inculcate the habit of saving money by giving them a fixed amount of allowance every month. Teach them to save that money so that they can spend it during some emergency. Take them to shops so that they know which item costs what. Unless they know how their parents save money even after meeting their necessities.
Today’s world is entirely materialistic where a person requires having enough money in order to enjoy their life. Therefore, teach your kids to value their dollars so that they don’t waste money behind unnecessary things. Take them to a bank and acquaint them with different banking facilities so that they know the importance to saving money.

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About Author

Jimmy Simond is founder of wallstreetsfinancenews.com he share his immense knowledge of finance in this blog. You can follow him on Google+.

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