Saturday, June 5, 2010

9 Tips To Instill Saving Money Habit In Family Members

Saving money is a tough process, what living a restrictive life, without much entertainment and being calculative over pennies to ensure that your household budget is not in deficit.

It is easier to reach your financial goals if your family members stand by your belief in the virtues of putting money aside for a rainy day. Getting them to participate in your endeavours can also foster closer family bonding and stronger balance sheet at the end of the day.

Here are 10 tips to instill saving money habit in family members:

1. Ask your family members to compare prices during shopping trips. This will enhance their ability to sift out good deals and save extra money each month. Give them a reward to make this bargain hunting a fun activity.

2. Your family can collect coupons for certain products that everyone enjoys. Get them to clip and arrange coupons in an organizer every Sunday. This is a good opportunity for them to learn about saving money using coupons and to organize coupons in different categories for easier tracking.

3. Instead of driving, why not walk with your family to grocery stores? They will enjoy the nice weather and feel better knowing that they are doing something for the environment and saving money in the process.

4. Encourage home cooking and eating at home so that you can reduce expensive trips to restaurants. The food is more healthy too.

5. If your children insist on eating at restaurants occasionally, make sure you go during lunch as dinner menus are often more costly. It is a compromise where they enjoy gourment food but you do not splash out too much money.

6. Try to buy clothes at thrift stores or even yard sales instead of paying full retail prices. Your family members can get better clothes while paying less. On the surface, they may be wearing "branded clothes" but nobody knows that it is actually second hand products.

7. Go shopping only when there is a sale. Of course, the products should be useful rather than to shop for the sake of it. Your family will be amazed at how much money is saved by just changing the way they shop for items.

8. At the grocery store, always try to buy in bulk which saves money in the long run. Just make sure the food or items are not wasted and end up in the trash bins.

9. Make it a game or contest to see how much money that the whole family can save each month.


Kerry said...

Good Article Barry! It's surprising how many people try and save money "alone" without their family helping. The common goal for families nowadays should be to economize (to make it even more fun, why not set a goal such as a frugal family trip at the end of the year?).

Wishing you much success :)

mcohen said...

Agree completely. So true.

I got my kid a prepaid cellphone and made the monthly charges part of his allowance. The cost is pretty low and he keeps track of 'em so he knows how many minutes he has. Plus the texting costs are really cheap, only 2 1/2¢ each! Great deal. It's NET10 btw.