Raising A Frugal Family

Your kids may want to be part of the family that eats out all the time, buys the latest electronic gadgets, and wears designer duds, but learning how to live within one’s means starts at home. There are times when we all have problems in life that blow our emergency fund and makes us go into debt, either using credit cards or cash advances. But, digging out of a hole is worth learning just as much as staying out of it, and it all starts with building frugal habits into our lives.

Eating Your Way Into Debt

One of the biggest costs of raising a family is feeding all those mouths. If you raise picky eaters, you’re going to pay even more. Try to make dinner time, family time, and not only will start to bond more, but you’ll save a lot of money from eating out. These types of habits are the sort that can build lifelong memories and good habits in your children too.

This also applies to shopping for groceries. If you can’t count on your children to help you save money at the grocery store, leave them home. Unless they want to get in on the act by cutting coupon and spotting good deals, let them know you can’t afford to take them with you. Everyone should eat before they go too, so that they aren’t tempting into begging for items just because they didn’t eat before they left the home.

Don’t Follow Fads, Plan Ahead

In order to follow a fad, you have to live in the moment. That doesn’t make good financial sense because things are more expensive when they are in demand. So, start to determine what your family needs ahead of time. Can you can foods in the summer, when they are cheaper, to reduce expenses of buying groceries in the winter? Can you buy next year’s coats when they are on clearance at the end of this year’s winter? Can you buy gifts ahead of time and store them in a gift closet to take out when the need arises? All these things can help your kids take the long view of life and prepare them for their own journey of financial discovery in years to come.