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How to involve kids in improving the family finances

27th 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:

  1. 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.

  1. 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 Accountthat 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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