Never too early to teach kids spending and buying values

Here's my latest article published at Mom's Corner of The Philippine Online Chronicles. These are money-saving back-to-school tips that parents can share with their kids as we begin another school year soon.

 

***********

 

Your kids' summer vacation is almost over and school is about to start again. Here are some tips that you can share with your kids so that they can help your family save during the school year.
  

Tip #1: “Use your allowance to buy only what you need.” For kids who are given allowances, this is an important reminder. Managing their allowance can teach them how to be responsible. Give them examples of needs and wants. Then, remind them to stick to their needs as much as possible so that they would not run out of funds in case of emergency.

 

Tip #2:  “Don’t spend all your allowance. Make it a goal to save a portion of it.” It doesn’t mean that because they were given money, they need to spend all of it. Teach your kids the value of saving for the rainy days and investing their extra money by reminding them to always set aside a portion for savings. This can be good practice for later in life when they are already working. They can eventually develop the habit and discipline of setting aside some money for savings and investment, instead of spending all of their money.

 

Tip #3:  “Use your allowance wisely.” This is a bit similar to Tip #1 but this time the distinction should not only be between needs and wants. Before spending his/her allowance, help your child develop the habit of thinking first and asking questions like: “Should I really buy this or can I or my mom make this?” or “Where can I buy this at a lower price?” or “Do we have these items at home?” Your family can save a lot by going the DIY route a lot of times. One example for this is snacks or lunches for your kids. You can save a lot by making your own or planning ahead instead of just letting them buy from school during their break times. Check this article and this article for some “baon” ideas. Sometimes, you can save by simply checking prices at different stores before making a purchase. Or by buying generic items instead of branded items. Or do Tip #4.

 

Tip #5:  “Check supplies at home before buying something.” Ask your kids to check your supplies at home first before making purchases. There might be some items in your supplies cabinet or pantry that he/she needs. By doing this, you teach your kids not to be impulsive shoppers. This discipline will surely be of help when they start earning their keep.

 

Click here to continue reading.