One of the things that are important to me as a parenting is encouraging my children to live a frugal life and this means teaching them good money management skills.
We do this in various ways, but for me and my children I find practical examples have the biggest impact.
Both the boys get £2 a week pocket money of us and they are allowed to spend this how they chose, however, once it is gone, it is gone. They also get money off their nana and grandad on a pretty regular basis and for birthdays too.
- Spontaneity doesn't pay - Sometimes when the boys hear the sound of the ice cream van they are keen to get an icecream or lolly. But they have learned that their money doesn't go far with the van, especially during the holidays when he is here on a regular basis. However, I encourage them to buy (or ask me to buy) value cones, ice cream and ice lollies or even better make their own) on my weekly shop and they pay me rather than the icecream man.
- Buying in bulk can save money - There is a real trend for Trash Packs and a lot of their friends get their pocket money and go to the local shop and buy one, but the boys have learned pretty quickly that they can buy more less expensively if they save up their money and but the larger packs from a shop.
- Look for offers - Back to trashies again. They are £2.50 for one at the local shore or 12 for £10 from Argos, however, you can get two 12 packs for £15 from Argos. So they now look for offers,.
- Pooling Money - The boys often want the same things, so they have learned to club together and share what they buy.
- Exchanging (money Back) - They have also learned that you can take used games back in exchange for money off new ones.
- Buy Secondhand - Again, they also know that second hand is not second best and they can get more for their money this way and love going to boot sales.
- Make money from selling - they sell their unwanted toys online or at boot sales (with me).
- They also ask for a subscription to a magazine rather than buy them weekly or monthly.