Being thrifty is a wonderful habit that needs to be cultivated as early in life as possible.
Children that are allowed to spend lavishly or are always given what they want may grow up to be unappreciative when it comes to understanding the value of money.
How then can we train our children to become more thrifty? It all starts from our daily habits and here are some actions we can adopt.
1) Buy Only What You Need
This is a concept that is simple but may not be easy to apply in our society of high consumerism.
We may need to practice some self-discipline and adopt strategies to develop this habit. For instance, learn to see saving money as a game and set yourself an amount from your income to save.
When you manage to meet the goal and no longer find this game fun, you can just continue to save at the same level to take advantage of the habit you have already formed.
If you are ready for a new challenge, start the game again but with a greater threshold. Reward yourself with a small gift when you meet your objectives. This reinforces your actions and gives you a sense of achievement!
2) Donate Or Reuse Instead Of Throwing Away
If your child has outgrown his baby clothes or you are moving to a new house and need to get rid of some old furniture, it’s time to think where you can donate them to instead of throwing them right into the dump.
The latter may be easier to do, but you will be wasting items that can be reused by others who find them valuable.
Non-profit organisations such as The Salvation Army and Blessings In a Bag collect pre-loved items so do explore the options available to reduce wastage and promote thrifty habits.
3) Don’t Give More Than You Should
An example would be to apportion the right amount for your children’s spending in school. Give enough for food and other necessary spending such as travels, but do not give more than you should.
This will encourage your children to cultivate the habit of thrift as they cannot spend as they like on items that they do not need.
4) Get Your Children A Piggy Bank
A cute piggy bank is one of the best gifts you can give to your children as it motivates them to start saving at a young age in a fun manner.
Children who are taught how to save the money that their parents give them are more likely to become thrifty adults who do not splurge unnecessarily as they understand the importance of money.
5) Use To The Last Drop
Truly thrifty people will use any product that they have up to the very last drop. These products can range from toothpaste and shower gel to cooking oil or any other condiments.
The concept is to eliminate any form of wastage and cultivate a thrifty outlook in the process.
6) Repair Whenever Possible
Be it a broken fan or an old chair that needs some polishing, do not give up on an item until it is ascertained that repair is no longer possible. In the event that keeping an item is not an option, consider donating it as stated in point 2.
7) Cook At Home And Don’t Waste Food
Cooking at home is definitely more economical compared to eating out, as vendors need to profit from their culinary work. If possible, arrange your time such that preparing meals at home is feasible.
When eating out, order one portion instead of two if you know that the restaurant you visit serves big portions for each dish. This will help you save money on food and reduce wastage at the same time.
8) Save For Days Of Emergency
A significant reason to develop the habit of thrift is so that you are prepared for days of emergency.
Without an emergency fund, your days can easily be turned upside down by unforeseen circumstances and leave you wondering if you should use your existing money for the emergency or for your daily expenses.
Children who witness their parents’ ability to ride through the rainy days without sacrificing the household’s general expenses are likely to become wiser with regards to money management, and see the importance of cultivating thrift as a habit.
WHAT ARE SOME OF THE METHODS YOU USE TO CULTIVATE THRIFT IN YOUR OWN HOUSEHOLD? FEEL FREE TO SHARE YOUR TIPS WITH US!