8 Tips to Get Your Family to Save Money
How often is all the budgeting, saving money, life hacks and frugal living left to one person in the family? Usually, the mum too, because we don’t have enough to think about!
It’s not just partners but also kids that can be hard to get on board with saving money. I covered what to do when your partner is hopeless with money but this post is more about the family as a whole.
Disclosure – this post may contain affiliate links.
1. Have a Clear Family Goal
Without a clear purpose for your money, it’s a lot harder to resist temptation. A clear goal the whole family agrees on makes it easier. A house (get kids excited about their own rooms, decorating how they want etc), a family holiday, new car etc.
Whatever the goal is, make sure it is clear and find a way to make everyone interested in it. Put a picture up on the fridge or somewhere everyone can see it. Add a savings graph such as one of these free ones. Make it easy to see what the goal is and remain committed.
Add in a dream board or book. This is somewhere you put pictures of things you want. Get one for each member of the family and let them have their own dreams and goals to save towards and be motivated by.
2. Be Realistic
When setting the goal, ensure it’s realistic. Don’t get the kids all excited about getting a house in 6 months unless that is achievable for you. And if you need more money, check out 99 Side Hustles for Aussies. Anyone in the family can do them.
3. Have Splurge/Sanity Money
Cash you can use for whatever you want helps everyone. Kids having their own pocket money enables them to spend on things they want without blowing your budget. You and your partner (if you have one) can have a set amount you can spend on anything .
Call it whatever you want but make sure everyone in the family has access to money that is all theirs.
4. Set Rules
Be clear on what you will and won’t pay for. Kids have a tendency to ask for numerous things. Once it is turned back on them to buy it with their own money, they usually want less because they don’t want to spend their own money.
My daughters know what is covered in our budget and what they need to pay for themselves. Or they have the option of waiting until a birthday or Christmas. Currently, they are saving for new pieces of technology they want.
5. Have Treats And Rewards
Depriving yourself all the time will make you miserable. Set specific mini rewards and treats along the way to encourage everyone to get on board.
When going through child custody, we budget was tight. Legal bills were huge and my daughters knew this was where all the money was going. They also knew at the end of it we would be free and finally go overseas.
To help be focused, we had our goal. Every Friday we had Friday Family Fun Night where they got treats, pizza, watched a movie or we’d do a free event in the city or something. Knowing we were doing that every week made it much easier for them when I had to say no at other times.
6. Share The Family Budget
Growing up, my parents shared the budget. We knew how much Dad made, where money was allocated etc. My parents didn’t show the credit card statement or have us completely involved but the information was there and we understood.
We saved for family holidays, a new car and different things throughout my childhood. As a child, having the goal, a visual, family night each week and knowing about the family finances helped me.
7. Get Them Involved
What can everyone do to help? If you’re trying new frugal recipes, get the kids to pick some and cook them together. Chores around the home such as lawn mowing teach them life skills and save you time. Put that extra time to good use doing a side gig or something else which will save the family money and you are all working together.
8. Learn Together
Education is key. Learn about finance together. It’s not taught much in most schools so it is up to you to learn for yourself and teach your kids. Books and podcasts have been helpful for me to learn. A few I found particularly useful are:
The Barefoot Investor. There is also a version for families, an audio book and Scott has resources on his site.
Little Kids Big Money is aimed at teaching your 3 to 6 year olds about money.
It’s Not What You’ve Got! Covers abundance as well as money, aimed at kids.
Unleash Your Inner Money Babe is a 21 day challenge about money and mindset to get you $1,000 or more.
Lucky Bitch is about mindset, money and moving forward.
We also listen to podcasts by the above authors and similar when travelling. It’s amazing what kids pick up when this is played in the car.