As the Mother of three kids ages 10,12, and 17 I’ll be the first to admit that teaching this Generation how and why it’s important to save money has been similar to running through a jungle filled with Lion’s that have been deprived of food for weeks. It’s a constant battle because these kids entire thought process seems to be a bit backwards. Respecting the value of a dollar is a foreign thought that would never even cross their mind because they have no idea what it feels like to earn their money or materials by doing a little hard work.
If you haven’t reached this point in your parenting journey yet I caution you to buckle your seat belt as you enter the new world of “Generation Entitled”.
This entire Generation seems to think they should have everything handed to them the second they desire it and snap their fingers.
The only thing these kids have earned is the right to wear that title. Trust me they all wear it loud and proud. All three of my kids have done their fair share to earn their “Entitled Attitude Badge” and none of them see anything wrong with it. They are appalled at the gross idea of me even suggesting they should actually have to do chores to earn their money. Like so many other parents out there we are faced with children that somehow lost touch with reality and now have a very distorted thought process. They truly believe that it is the parents job to do everything from chores to making sure they are constantly entertained! It is the child’s job to watch T.V, text, hang out with their friends, and have everything they ever wish for handed to them without ever lifting a finger or even attempting to work towards anything.
It’s hard for me to even imagine how these kids ever got this way. Especially since they are being raised (mostly) by a generation that has worked our tails off for everything we have. We cherished every penny whether we earned it or found it on the ground. Some of us probably still have the piggy bank we used to save those pennies laying around somewhere close.
It sure seems like we make things way too easy for this generation. There’s also too many options, gadgets, and accessories for them to blow their money on. If they don’t start learning the concept of money and how to save it we are all going to be stuck with at least one kid who still lives in our basement on their 40th Birthday!
So, how does someone go about teaching these kids to save money?
- Every time we go shopping my kids know the party is in the back of the store. If you want something then, you’ll be doing the clearance shuffle or you won’t be getting anything at all. There is no reason for me to pay full price. EVER.
- Half (yes, I’m mean) of my kids Birthday money has to go to savings. It is not realistic to spend all of your money as an adult so, why would I let them do it now?
- Most of the time it is my kids responsibility to clip the grocery coupons for me. If they complain I make them come to the grocery store with me. The lesson here is that you have to work for everything you have. No one will ever just hand me $50. That’s why we clip the coupons.
- We talk very often about credit & saving money. Why it’s important to save and why it’s equally as important to keep your credit good so you can continue to save money.
- I have no problem telling my kids I’m not going to buy them something they want because it’s not “in the budget”. They need to learn how to budget and save up for things they want. If it’s not a necessity I usually make them wait regardless of whether or not I have the extra cash.
- Online shopping and coupon codes are my best friend. I pretty much won’t buy anything unless I find extra savings. There are a ton of apps and websites that offer promotions with coupon codes to save extra money or even some with rewards. My favorite for the kids would be one like Save1.com Less than fortunate kids benefit from my shopping through the site. I get extra savings, a hungry child is fed, and my kids learn that not every child is as fortunate as they are.
I say some sort of variation of this phrase to at least one of my kids almost every day. I know that it’s starting to sink in with at least Thing 1 because she rolls her eyes every time I say it! As it turns out I think she is stating to see it may be true with a lot of things. Sports.. Grades.. Feel free to use it in your house.
What about you guys?
How are you teaching your kids how to save money? I’m always looking for fresh ideas.