Top 5 Tips for Raising Money-Smart Kids

Disclosure: In any review for a product or service, products or compensation may have been provided to me to help facilitate my review. All opinions are my own and honest. I am disclosing this in accordance with FTC Guidelines. Please see “Disclose” and "Terms of Use" tabs for more information.

Our economy is in rough shape; no one can dispute that fact. Inflation is affecting our budgets, prices are rising across the board, and it’s becoming more and more difficult for people to find high paying jobs. You want your kids to be prepared for this world, so start teaching them to be smart with money. Educate your kids using these 5 tips for a thrifty education.

1. Lead by Example
   The most important thing you can do to teach your kids how to be smart savers and thrifty spenders is to be a good role model. Show your kids how to be financially responsible by setting good examples for them. Be smart with your own money and your kids will pick up on these habits. You are your kids’ first and most important teacher, and the lessons they learn from you will last many years. Kids are very impressionable, so take this time to make a good impression.
2. Play Money Games
   As young as they are, your children likely have no real concept of money as we do. Playing games that involve the use of money can help them get acquainted with the value of a dollar–no, not black jack or poker. Play games like Monopoly to teach children about how to make smart financial decisions and negotiate prices. Kids who are smart and responsible with play money are more likely to transfer their skills into the real world.
3. Shop for Groceries Together
   Take your kids grocery shopping with you, and make the trip an interactive experience. Explain your shopping process and educate them about things like buying in bulk for lower prices. Have the kids pick out some things, and see if they can find the best deal. Not only can this make the usual drudgery or grocery shopping more fun, it can turn your kids into expert shoppers quick than you’d think.
4. Avoid Expensive Clothing
   One of the biggest culprits in reckless spending is clothing. Expensive designers and popular brands mark up their products to practically obscene prices. Teach your kids not to be taken in by this scam. Consignment and thrift stores can be great places to look for nice clothing at low prices, if you have the time to browse racks. Many retailers also buy overstock from major clothing brands and department stores, and sell the goods at discounted prices. These stores offer you literally the same clothes as other retailers, but often at half price or less.
5. Teach the Art of Couponing
   Kids need to learn the dying art of finding the best discounts. More and more people are now trading lower prices for greater convenience. Rather than look for the best deals, they simply resign themselves to the prices of the most convenient stores. Teach your kids to look for the best deals, offers, and coupons, both in print and online at sites like FreeSamples.org. The discounts that smart coupon users can get are truly mind-boggling.