Kids are not immune to money talks and they can understand finances and the value of money at a much younger age than many parents realize. Some experts even think that a child’s views on money is set by the time they are 10 years old, some as young as five or six. How you talk about money in front of them, and how you set the example for budgeting and saving is very important to how your child will form their own opinions about money.
This means if you want to start teaching your kids to budget and save, it’s never too early. There are some steps you can take when they are still very small, and then the money lessons can grow with them as they get older. We’re going to look at a few ways to help kids understand budgeting and saving.
Here are some ways you can teach kids to budget and save
Use a Piggy Bank
For younger children, use a money jar or piggy bank. Let them see the money they are saving and have a visual of it as it's growing. Since many people do nearly all their finances digitally now, it may be difficult for a child growing up in this generation to really understand money that they never see.
Set an Example
You know those little eyes are always watching so show them how you budget and save. If you’re not already doing it, create a plan and get started. If you’re already doing it, but they just don’t see it, let them be involved in the process. Talk to them about the household budget. Explain what you’re doing when you go shopping together for groceries. Make talking about money, budgets and saving with your children an ongoing conversation in your household. This is how they learn.
Show Comparison Costs
For older kids, you can start showing comparison costs. “That video game costs as much as a new pair of sneakers”, for example. Or you can give them a commission, rather than a typical allowance. Pay them based on chores they do around the house and increase it based on the number and complexity of the chores they do. This will also teach the value of a dollar, the importance of working for and saving for what they want.
Teach them about Credit Cards
Explain how credit cards work. In addition to explaining that credit cards aren’t just “free money”, you also need to explain how easy it is to get in debt and why credit cards are dangerous. Explain what responsible use is long before they are old enough to have their own. Also, show by example.
Now that you have these ideas on how to teach kids to budget and save, you’re ready to start applying them. If some or all of them don’t work for your family or your kids, that’s okay. Just use the ones that do work, or make modifications to these suggestions so that they do work for you! If you're looking for even more tips and advice, check out Money Smart Kids by Gail Vaz-Oxlade or Smart Money, Smart Kids by Dave Ramsey. Both books are highly rated!
What are some ideas that you have successfully used with your kids? Let us know in the comments below!
We journal our thoughts and feelings, we journal what we eat, but how many of us journal what we spend? A spending journal is a great way to track where our money is going and get a clear financial picture of our circumstances. It can help us spend smarter, spend less, and make more informed buying decisions. And the best part is, keeping a spending journal only takes minutes a day! Take a look at these helpful tips on How to Create and Keep a Spending Journal, so you can take better control of your financial situation starting today.
How to Create and Keep a Spending Journal
1. Find a journal.
You can’t create a spending journal without a journal, right? Any simple notebook or journal will do! Head to your local Dollar store if you wish and grab a durable notebook. These notebooks from Amazon will also do the trick. Label it as you wish, and you now officially have a spending journal!
2. Decide on the layout.
There are several ways to layout the journal. You can create a page for each day, or create sections using notebook dividers. Use a layout that works for you. If you want to avoid flipping around, it may just be easier to use a new page each day.
3. Track these expenses.
You have your journal, you have your layout, now it is time to decide WHAT should be going in your journal. You want to be sure you include these items each and every day in your journal:
- Outgoing money/expenses - Incoming money/income - Essential spending should be written in GREEN - Non essentials should be written in RED
Basically if you spend a single dime, it gets recorded in the journal. If you earn a single dime, it gets recorded in the journal. It may be ideal to make two columns on each page, one for outgoing and one for incoming. Then, use colored pens (red and green) to decipher spending and record the information in each.
4. Analyze your journal entries each week.
Once you have accumulated a week’s worth of entries, it is time to analyze them. Do your red entries outweigh the green? That could be an issue. You want to see where you might be wasting money. Fast food, coffee shop stops, entertainment, and dry cleaning may be some of the items popping up in red. The gas bill, groceries, and electric bill may be some of the items showing up in green. The idea is to cut the red column down so you can pay off more of the essential expenses.
5. After a month, add a purple column.
After you have the chance to analyze your spending for the month, add one more column. The purple column is where you will put money you SAVED. If you add any money to savings or use a coupon to save on an item, write the savings in the purple column. It will be fun to see that amount grow!
6. Keep the journal handy.
It is best to keep your journal in a purse or handbag where you can write your expenses down as they happen. If you put it off until the end of the day you might forget and info may not get recorded. Keep the journal handy and you are more likely to use it and keep information up to date.
As you can see, a journal like this can really help you gain financial freedom. Consider creating a Spending Journal to see if it can help you!
Have you heard of a spending journal before? Will you give it a try?
Being frugal doesn't mean that you have to live your life in a no fun zone. Maybe you assume that saving money means that you aren't spending any money which in turn, means that you aren't doing anything fun. Contrary to that belief, being frugal is fun!
How to make being frugal, fun!
Each and every day, we are each faced with choices on how we choose to make money, and then, in turn, spend that money. Some people like to spend money on food, while others prefer to spend money on "things" or on making memories. There's no right or wrong way to spend your own money. It's your choice. But what about those people who like to have it both ways? They like to save money, but also have fun doing so. Is it possible to be able to do both? To actually be frugal and fun? Absolutely. You can have your cake and eat it too. Need some ideas and inspiration? Here are some suggestions on 10 Ways You can Combine Frugal with Fun.
Enjoy and embrace nature.
The great outdoors can be 100% free, and 100% fun. Think of the options waiting for you right out your back door. You can go biking, hiking, roller skating... all in nature and all for free. Hours upon hours of fun await you with an endless supply of outdoor activities. All without making a dent at all in your wallet.
Create a random dish with items in your pantry or fridge.
We all need to shake up our taste buds every now and then, right? Instead of running to the store and buying something new, or spending your hard-earned dough on delivery, create a taste bud masterpiece with something fun that you can find in your kitchen. You save money by using what you have and have fun by exploring a fun, one of a kind dish.
Host a small get together.
Have an event or win in life that you want to celebrate? Host a party in the comfort of your own home! No need to rent out a venue for a high cost when you can host at home for free. Better yet? Have it be a pot luck where everyone brings a dish. Less money to spend on food and everyone has fun trying each other's dishes and exchanging recipes.
Educate yourself.
Get in tune with all the free things going on in your town. You may be surprised by how many pubs, restaurants or coffee shops in your area offer free bands to listen to on the weekend. Or take a look and see if there are free movies or music in the parks. The events are free for a reason, to be accessible for all to attend!
Binge watch a favorite movie series or shows.
Forget about spending a high ticket price at the movie theater...try to binge watch a few of your old favorites at home. Pop your own popcorn, just the way you like it and snuggle up in your pajamas for a night of fun and relaxation.
Makeover yourself and your friends.
Who doesn't like to be pampered? Going to the spa and the salon can be pricey, but having a fun makeover day at home can be awesome. Have all your friends bring over their makeup and have fun pampering and trying out new looks!
Give geocaching a try.
If you love scavenger hunts, this may be something new and fun to try. Research if it's popular in your area, and give it a go. You can uncover all kinds of hidden treasures when searching for those disguised items placed by others in the great outdoors.
Host a Freezer Meal Party.
These are the best. Invite a group of your cooking buddies over, have them all bring ingredients for their favorite quick meals, and have fun dividing up, sharing and freezing for later. What a quick and inexpensive way to stock up dinner for later and enjoy the company of some of your favorite people!
Be on the hunt for free books.
Who doesn't love a good book? But they can be expensive to buy. Instead, hunt around your town to see if there are any Little Free Book Libraries to get books from. (If you've never heard of them, check 'em out!) Also, don't forget about the awesomeness of the local library. This post also has some great ideas to help you get free books!
Relax and go fishing.
Fishing is full of fun from the casting out of the line, to the excitement of reeling in that fish. It can be a totally fun way to relax, or even catch your own dinner!
Finding ways to save money can be fun and rewarding! By allowing yourself to be open to trying new things and using some creativity, the options are out there to enjoy. Try spending your time, not your money, by trying new things and making new memories. You may be amazed by all the fun freebies available to you when you are open and accepting to try them!
What are your ideas for combining frugal and fun? I'd love to hear your ideas!
Do you find your pantry and freezer overflowing with food, yet you keep buying more food?
Would you like to join me for an impromptu pantry and freezer challenge? You could possibly save hundreds of dollars on your grocery bill by eating out of your pantry and freezer!
We’ve been feeling lately, in the Simply Frugal household, as though we’ve got way too much food just hanging around not leaving the pantry and freezers. (umm, except for the ice cream, that mysteriously disappears ;)!)
Since I’d like to use up what we have in the freezer and pantry to use up many items that are coming up on their prime, I thought a challenge would get me motivated! Maybe it will help you as well?
Here’s the plan:
Starting on Wednesday, April 18, the Eating from the Pantry/Freezer challenge will officially start!
I’ll be sharing my menu plan on Wednesday and would love to hear your plans and goals as well!
What you’ll need to do before April 18:
Do a complete inventory of your pantry, freezer and fridge
Decide what your goals will be for the challenge (how much do you want to save, how long do you think you’ll be doing the challenge for…etc)
Write up a meal plan for at least the first five days of the challenge (Wednesday – Sunday)
Make a list of the items you’ll need to buy to complete your meals. (I’ll still be buying produce, dairy and eggs)
Every Monday following (April 23 and 30) I’ll be sharing my menu plans and progress. (At this point I’m not sure how long I will be doing the pantry challenge, but I will know once I take inventory.) This would be a great time for those of you joining in on the challenge to share or link to your menus and progress in the comment section! I’ll also be tracking how much I’m spending on groceries for the duration of this challenge and sharing my totals.
There’s a Facebook group that I would love to have you join! Click here to join the Simply Frugal Community. I think it will be a great place to share meal ideas, tips and even our struggles during the challenge!
Does this makes sense? Any questions? 🙂
Here are some useful resources to help you out with the challenge:
How to Turn Ramen Noodles Into a Healthy Meal Idea
It is no secret that Ramen Noodles are a staple in every college student’s pantry. However, ramen noodles are not just for the college student, bachelor, or preschooler anymore. I have even found some organic brown rice ramen by Lotus Foods at Costco that we love, making it a healthy choice for our family! Even if you buy the budget friendly packs of ramen, there are quite a few healthy ways to spice up a package of the fried noodles.
Ditch the Packet
Some people prefer ramen noodles simply because they are cheap, cheap, cheap. Others prefer them because of the beef, chicken, or oriental flavor that comes in the package. While that packet is full of flavor, it is also packed full of sodium and MSG. Make your meal a bit healthier, by ditching the packet, and adding your own herbs and flavoring. Boil the pasta in low sodium chicken or beef broth, and throw in some pepper and herbs, like thyme, or oregano.
Use Uncooked, as a Topping
That’s right. You can eat Ramen without cooking them first! Dig the recipe for your favorite Asian inspired salad out of your recipe box, and simply swap out the Asian noodles for Ramen Noodles. Just discard the seasoning packet and break the noodles up. Add them to your salad just before serving.
Stir Fry
Instead of opting for burgers and fries, pull out a package of ramen, and some fresh or frozen veggies. Cook up chicken or beef pieces, and throw some in some veggies, with a bit of low sodium soy sauce. Meanwhile, cook the Ramen in either plain water, or low sodium beef or chicken broth. Once it is all done, simply toss it all together, and grab a bowl and a seat.
Make a Hearty Soup
There is nothing like a hot bowl of hearty soup, on a chilly evening. Gather the ingredients for your favorite soup, and toss it all in the slow cooker. When there are just a few minutes left of cooking time, add a packet or two of Ramen, minus the flavor packets, and you have yourself an easy, healthy meal.
Limit the amount you eat
Even if you dish up Ramen Noodles to be healthier, you still need to limit the amount you eat. Many carbs come from ramen noodles, even if it doesn’t seem like it. Which is why adding them to a salad as a topping or using it as a filler, is an excellent idea.
The great thing about Ramen is that it’s so inexpensive. Once you get rid of the packet and figure out how to make it into the perfect healthy dish, you are good to go.
I'd love to hear how you use ramen noodles! Let me know in the comments below!
How to Create an Epic Easter Basket from the Dollar Store
Easter is rapidly approaching, which means you have to put together an awesome Easter basket. On a budget? No worries because the Dollar Store is an awesome place to put together an epic Easter Basket. Here’s how to do it.
#1. Find a “basket”
The cool thing about the dollar store is that they have all sorts of bins, baskets, and totes for $1. You don’t have to settle for a basket, you can pick anything! This step in itself can make the Easter basket epic.
#2. Pick a color theme your kids will love
One thing you can do to create an epic Easter basket for your kids from the Dollar Store is to pick a color theme they’ll love. The dollar store has so many different options that finding items with their favorite colors will be easy.
#3. Grab a few toys for the epic Easter basket
The dollar store is lined up with a full aisle of toys to choose from. Not to mention, they probably have an extra aisle full of toys just for Easter. You can pick out some fun toys like little army guys, a mermaid, or a bow and arrow set. If those don’t work, go the more creative route with stickers, bubbles, and play dough.
#4. Add a few extra “special” things
As you comb through the dollar store, just remember that you get to be creative. If you see something your child will like, throw it in the basket. Setting a budget for yourself is definitely a good idea too. For example, $10 for each child, this helps put a limit on what you put in the Easter basket. Everyone knows that shopping at the dollar store can get out of hand quickly. 😉
#5. Get a little creative
Do you know what your little ones will love most about their Easter basket? Is that the basket is creative and not just something that was bought already put together. They’re going to notice the cute little stuffed bunny you picked up. They are going to notice the gum that has five packs in it.
#6. Make it look pretty
Head down the birthday aisle and pick out some fun things to put in that Easter basket to make it pretty. Bows are plentiful in that aisle! You can pick up wrapping paper to wrap a few of the gifts. Making it pretty will make it epic, without a doubt.
How do you plan on creating an epic Easter basket this year? Let me know your ideas in the comments below.
