Showing posts with label frugal tips. Show all posts
Showing posts with label frugal tips. Show all posts

Tuesday, May 27, 2014

Money Matters for Kids

Your kids are probably getting great grades in school and can teach you all about the latest technology. But have you ever questioned where they’re learning about money matters? Typically, handling finances in life isn’t a subject that’s covered in school. By demonstrating good money management and teaching the value of a dollar, your kids can grow up to be adults with healthy money management skills.

Why is it important to teach kids about money?

The idea of “needs versus wants” is an important lesson for kids to learn early in life. Your kids won’t just wake up as adults one day with the ability to exhibit good money management skills, so it’s important to start teaching them about finances from an early age.

How can you effectively teach kids about money?

Teaching kids about money is a little like SHOW and TELL.

Demonstrate good money management yourself. Kids learn more by what you do than by what you say. Exhibiting good judgment as it pertains to financial decisions is key.
Explain why you’re making a certain decision about money. In order to process how to make sound financial decisions, children need to understand the reasoning behind a decision.
Put it on paper. A worksheet for kids that incorporates categories for earning, spending, and saving is a great way to teach kids about finances.
Share books relating to financial matters. Reading stories together about money matters is another idea for teaching kids about money. Check out this list for ideas.
Encourage kids to make their own money. Nothing teaches the value of a dollar to kids like earning it themself.

Ways for kids to make money:

Help children start a small business of their own based on their interests. Kids interested in pets might start a pet sitting service; those who enjoy crafts might start making specialty accessories in school colors to sell at school events. Of course, parental involvement and supervision is recommended.
Encourage your children to start saving extra or “found” money, like the change in the washer or in the sofa cushions, for a specific goal such as a day at the water park.
Organize a garage sale or attend a flea market, with your kids setting up a table of their own belongings to sell.

Frugal living tips that help kids learn about money:

Preparing meals at home versus dining out. Calculate the cost difference of the meals and share with your children.
Include your children in small financial decisions. For an upcoming party, let kids in on the budget you’re working with. Allow them to help determine what is important and what can be sacrificed in order to stay within the budget.
Clip coupons together. Make a game of using coupons by having children participate in food shopping, searching for items associated with coupons, presenting coupons to the cashier, and viewing the sales receipt to discover savings.
Plant a garden together. Calculate savings from growing your own fruits and vegetables for your family to enjoy.
Check out games and mobile applications that provide interactive ways to teach good money management skills.

By incorporating sound financial decisions in your daily life and incorporating frugal living concepts, you will be teaching the children in your life key concepts for money management.

Wednesday, November 27, 2013

Buy Nothing Day 2013

Buy Nothing Day is celebrated on an annual basis, both in the United States as well as in the United Kingdom.  Started over 20 years ago, Buy Nothing Day was designed as an organized protest against consumerism. Think you and your family might like to participate? Read on for activities and ideas for celebrating this day.

Holiday piggy bank

When is Buy Nothing Day?

This year it is being observed in the U.S. Friday, November 29. In 1992, Vancouver artist Ted Dave started Buy Nothing Day, which was promoted by the Canada-based magazine Adbusters, a not-for-profit, reader-supported publication concerned about the physical and cultural environment. In 1997, it was moved to Black Friday in America, the 10th busiest shopping day in the U.S.

How is the day observed?

Activists urge consumers to cease making purchases of any kind for 24 hours, but it’s much more than just a day. The hope of those behind this campaign is that individuals who detox from consuming for an entire day will find the exercise freeing, adopting a more frugal, “shop less, live more” attitude in their lives.  Because every purchase we make has an impact on the environment, Buy Nothing Day promotes businesses that are friendly to the environment and also those that treat workers fairly, too.

Why was Buy Nothing Day started?

The overall premise of the day is to consume less and recycle more.  According to the site, the developed counties of the world comprise only 20 percent of the world’s population, yet they are consuming over 80 percent of the earth’s natural resources. The result? An unequal level of environmental damage and an unfair distribution of wealth are obvious. The campaign supports shopping locally and supporting small, usually family-owned, businesses. They are not in favor of businesses that employ cheap labor, those that don’t treat workers fairly or wasteful companies that are not environmentally friendly.

How can you participate in Buy Nothing Day?

1. Plan a swap with friends. Exchange unused or gently used items. Everyone acquires something “new” in a manner that’s environmentally friendly.
2. Have a potluck dinner. Instead of eating out, encourage friends and family to bring a dish of their choice, a less expensive way to enjoy a meal together.
3. Organize a local event.  Interested in spreading the word about Buy Nothing Day to your community? A fun-filled family event can make a great impact.
4. Make a pact to adopt a frugal lifestyle. Use the experience gathered from Buy Nothing Day to find ways to adopt a more frugal, mindful way of life.

According to Merriam-Webster dictionary, the meaning of frugal includes: being careful about spending money and using money and supplies in a very careful way.


Tips for being frugal:

  • Refrain from using shopping and consuming as a hobby.
  • Think through each purchase rather than buying on impulse.
  • Start shopping sales, clearance racks or second-hand stores when purchasing is necessary.
  • Encourage a frugal mindset with your family. Make saving and spending less a practice for everyone to take part in.

Where can you learn more?

Visit for more ideas on observing the day as well as information on how to join the campaign.

Kathy Rembisz 
Contributing Writer