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How to Raise a Cost-Conscious Kid

Teaching your kids about wise spending now will help them understand finances in the future.

Teaching your kids about wise spending now will help them understand finances in the future.

They say the apple doesn’t fall far from the tree. It is true that children start mimicking their parents at a young age. This continues into adulthood.

If your children see you spending as if money grows on trees, it is likely they will do the same with their money. However, if you live a life of wise spending the chances are good they will observe and imitate it. Try some of these tips to help both you and your children escape from our “buy, buy, buy” society.

Make it fun: No kid enjoys feeling deprived of everything they want. Rather than focusing on everything they can’t have, show them ways they can have fun without spending too much. Getting books and movies from the library, exploring nature, and using their imagination are just a few ideas. It is important that you remind your kids that a happy life is not the product of buying lots of stuff.

Limit advertising: Commercials for junk food and huge toy store catalogues can give children a case of the “gimmes.” While it is impossible to hide all advertising from your kids, you can limit their exposure by only allowing them to watch commercial-free TV or limiting the amount of time they spend in front of a TV screen. For older kids, help them understand that the purpose of advertisements.

Teach them to DIY (Do it yourself): Being frugal also means breaking away from the consumer society we live in. Show your children how to make things than buying them. Some ideas for practicing this are letting them help you fix things around the house, helping them make crafts instead of buying them, and teaching them how to use leftovers to avoid food waste.

Living a lifestyle of saving will show your kids what it means to be a cost-conscious consumer. Sunset Bank cares about our community’s future and your family is part of that. Contact us today about ways we can serve you!