6 money management tips parents can teach their kids

There are many lessons you need to impart your kids. Aside from the responsibility issues, you need to talk to them about money. Yes, this is the perfect time to talk to them about finances and how to manage them properly. Because if not, they’d just accept the fact that money grows out of trees. They’d waste their cash – only to end up a miser in the near future. You don’t want that to happen to your child, do you?

Here are just some of the frugal parenting tips you need to talk to your child about:

1. Look at it from the creative side- Gone are the days when building blocks, Legos, drawings and paintings are considered toys. In this day and age of technology, why don’t you bring back and nurture the passion and creativity of your child? Instead of buying them something, you can actually help them create it. That way, you will not only be saving money, you are also harnessing your child’s potential to be a creative genius someday.

2. Teach your child the value of money- One of the frugal parenting tips is that you need to lay down a distinction between a need and a want. Talk to your child that not everything she desires, she can get. There are objects they need to work for before they can get it. As a parent, you need to tell these rules one day at a time. If not, your child might become deluded into thinking he can get everything he wants.

3. Teach your child to be contented- An old proverb says that you are rich not because of what you have but because you are contented with what you have. As early as in their toddler years, teach them about the simple things in life such as a movie date or playing house inside your house. Emphasize that they don’t need to spend on expensive things for them to be happy. Tell your kids that they just need to be contented with what they have.

4. Teach them the habits- In order to live a frugal life, talk to your child about the spending habits. Tell them to ask themselves questions if this toy, for instance, is indeed…

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