How to involve kids in improving the family finances27th Sep, 2017
It is absolutely crucial to involve kids in financial decisions as it helps them think critically from a young age. This is also a great way to instil financial discipline as an integral part of their lives.
Here are a few tips on how to involve them in improving family finances:
- Save on utilities
Start having conversations about ways of cutting back on monthly expenses such as electricity, gas, and water. Teach the kids to turn off unused lighting and electronic equipment. Furthermore, the use of alternative sources of energy such as solar energy will help improve your family expenses.
- Eating at home
Eating home cooked meals is a game changer. I know that sometimes we like to indulge in fast foods but unfortunately that can have a long term effect on your financial expenses. Instead, get everyone involved by assigning duties of planning, shopping and cooking the meals.
Communication is key
If money is tight, it can be tough to explain to children why you can’t buy them what they want or continue to give them what they’ve always had.
How can you communicate to your kids that the family needs to cut spending?
- Be Honest
Explain to the child why they can’t be able to get everything it is they want. Carefully address the issue to their level of understanding as you address any questions they might have.
- Make it a contest
Enlist the entire family to create new ways to save money. Give the winner a special treat.
- Let them earn
If your child is old enough to get a job, encourage him or her to work to earn some money. In fact, teach them how to save some of that money by opening for them a KCB Cub Account that has attractive interest rates on savings and does not have any service charges. How amazing is that?
We hope these tips will help you and your kids spend less and save more.
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