15 Ways Frugal Parents Get Their Kids Interested in Saving Money

Published:

As a parent, instilling good values and virtues in your kids is important.

As parents, we must teach our kids basic life skills, including talking about money. Basic financial literacy is an important part of educating your children. Saving money is an important part of life, but your kids are probably not very interested in putting their money away where they can’t spend it. It’s your job to get them interested in saving money.

Here are fifteen ways to start a conversation about saving money with your kids.

Build It Into Their Allowance

Grandmother and her granddaughter Putting Coin Money In Piggybank At Home. Personal Savings, Bank Safety And Financial Investments Concept.
Image Credit: pics five/Shutterstock.

 

Require your kids to save a portion of their allowance or save it for something meaningful to demonstrate how valuable saving money can be.

Start Small

Indian father and smiling son putting coin into piggy bank.
Image Credit: Ground Picture/Shutterstock.

 

Even adults aren’t huge fans of saving money sometimes; remember that they’re still kids, and teach them about money in stages rather than overwhelming them with details.

Match Their Savings

Cute asian little child girl putting coin into glass bottle in the garden.
Image Credit: A3pfamily/Shutterstock.

 

Up the ante: anytime your kid sets aside money for savings, match them to encourage good money management behavior.

Establish the “Pay Yourself First” Mentality Early

businessman holding coins putting in glass. concept saving money for finance accounting
Image Credit: lovelyday12/Shutterstock.

 

If you want to encourage good behavior with money, save for them, but let them know how important it is to pay yourself first by giving them a percentage of the allowance and saving the rest.

Set Up Deposit Days

Beautiful young dark-skinned woman with Afro hairstyle wearing wrap keeping hand on touchpad of open laptop computer.
Image Credit: Cast Of Thousands/Shutterstock.

 

Set strong expectations by setting days where you’ll go to the bank with them and deposit money so they’ll know how much they have to save when it’s time to make a deposit.

Have Some Healthy Competition

Earning money for family. Male hand with wallet and US dollar bills at family blurred background. Financial support, business, family, alimony, maintenance, investing in children concept.
Image Credit: Flotsam/Shutterstock.

 

If you have multiple kids, create a savings competition with a prize for the winner. Even if you don’t, challenge yourself against your kid and see how well you do!

Avoid Overly Negative Consequences

Happy dad teaching smart little son to save and invest money, encourage kid for accounting, investment, planning future budget.
Image Credit: fizkes/Shutterstock.

 

Consequences are important, but going overboard can cause your kid to associate money with negativity. It’s much better to be more compassionate while they’re learning about money management.

Encourage Goal Setting

Boy building stack of money. Financial safety, investment building concept.
Image Credit: MichaelJayBerlin/Shutterstock.

 

Is there a video game your kids want or a concert they’re dying to attend? Encourage them to set these savings goals so they can see them through.

Teach Them Smart Spending

Angry little kid screaming and throwing a tantrum while grocery shopping with her mom at the supermarket because she won't buy her candy
Image Credit: antoniodiaz/Shutterstock.

 

Part of smart saving stems from smart spending; having conversations about the importance of spending your money in the right way is essential if they’re ever going to learn about saving.

Use Visual Indicators

Young African American woman is choosing and shopping for organic products in refill store with reusable bag.
Image Credit: anon_tae/Shutterstock.

 

Jars and piggy banks are popular because they’re better for visual learners. So, when in doubt, teach your kids the power of savings with something as simple as a rainy day fund with some coins in a jar!

Have an Age-Appropriate Conversation

Setting good example. Young parent mother teach child little daughter girl to manage finances save money spend earnings with economy plan family budget.
Image Credit: fizkes/Shutterstock.

 

Kids are never too young to learn about money. That said, tailor the conversation to ensure they can absorb the information and won’t get confused.

Help Them Keep Track of Expenses

Calculator with the word BUDGET on the display. Pen, eyeglasses and notepad on the diagrams. Concept photo.
Image Credit: Inna Kot/Shutterstock.

 

Create a simple budget with your kids; it’s another way the more visual kids can contextualize spending and saving.

Share

Smiling baby sitter and preschool kid girl drawing with colored pencils sitting on sofa together, single mother and child daughter playing having fun, creative family activities at home concept
Image Credit: fizkes/Shutterstock.

 

Share with your kids. Be vulnerable about moments where you spent money when you shouldn’t have and where you saved money where you were glad you did.

Lead By Example

A cute African-American child with afro curls with her mother playing air hockey at an amusement park and carousel on her day off in the evening.
Image Credit: ORION PRODUCTION/Shutterstock.

 

If you want your kids to be wise with money, show them by being smart with money. They’ll soak up whatever behavior they see from you, so ensure that behavior is saving for the future!

Use the Allowance as Leverage

Smiling mature african american mother helping daughter sitting on lap putting money in piggy bank.
Image Credit: Ground Picture/Shutterstock.

 

Allowances aren’t just ways to give your kids money to do whatever they want. Every time you give them money, it creates an opportunity to talk about how they’re spending that money and how they can better manage it to meet short-term and long-term goals.

I’m Frugal: Here Are My Top 30 Frugal Living Tips to Save Money

Funny child hugs the radiator. Kid in hat and warm clothes enjoying home heater. Heating of housing during the energy crisis in the winter cold season. Restrictions and savings of gas and electricity.
Image credit: Sharomka/Shutterstock.

 

I’m super frugal, and one of my passions is sharing my frugal living tips with everyone.

Here are some of my absolute favorite frugal tips to help you get started on your journey to frugal living.

I’m Frugal: Here Are My Top 30 Frugal Living Tips to Save Money

15 Things That Are No Longer Worth It Because of How Expensive They Have Become

Portrait of beautiful young blonde woman posing and giving a kiss to the camera.
Image Credit: PKpix/Shutterstock.

 

Everything comes with a hefty price tag these days. From indulgences to essentials, the cost of living keeps rising. We used to consider certain items affordable options, but now they’ve become so expensive that they’re no longer worth it. Here are 15 things that have lost their affordability and make us wonder if they are worth it!

15 Things That Are No Longer Worth It Because of How Expensive They Have Become

28 Practical Ways Frugal People Save Lots of Money

Young pretty woman traveller in baseball cap looks and smiles at camera at green nature forest background, portrait close up.
Image Credit: DedMityay/Shutterstock.

 

Saving money doesn’t have to mean saying goodbye to life’s little indulgences. With a few smart tweaks, you can stash away cash for that dream vacation, rainy day fund, or splurge-worthy purchase without feeling like you’re on a constant budget patrol.

Think of it as a side hustle that pays off without the extra hours. Whether you’re looking to conquer debt or simply boost your bank account, these tips are guaranteed to put more money in your pocket, painlessly.

28 Practical Ways Frugal People Save Lots of Money

20 Poor Hacks Frugal People Use on a Fairly Regular Basis

portrait of an elderly woman with beautiful look of Dominican Latin origin looking at the camera.
Image Credit: Julaix/Shutterstock.

 

Even if you’re not poor, you sometimes feel that way, and you probably have some tricks and tips for coping with that. In this article, we’ve compiled several poor hacks that people utilize at least a few times a month or even a week. It’s always good to share these hacks; we hope some of them help!

20 Poor Hacks Frugal People Use on a Fairly Regular Basis

10 Hard Financial Truths About Aging You Can’t Afford to Ignore

An elderly woman looks sadly out the window.
Image Credit: De Visu/Shutterstock.

 

Getting older is a difficult thing to face. Unfortunately, it also comes with certain financial considerations that will affect your retirement planning. Here are 10 hard financial truths about aging that you can’t afford to ignore.

10 Hard Financial Truths About Aging You Can’t Afford to Ignore

 

 

Author: CJ Darnieder

Bio:

CJ is a writer and musician from Chicago.  When he’s not practicing the divine art of stoicism, focusing on achieving a deafening inner quiet, or attempting to reconcile with the inherent powers of the universe, he loves to cook!

Leave a Comment