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.
We covered what to do when your partner is hopeless with money but this post is more about the family as a whole.
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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.
Try using a dream board or book. This is where 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.
If you need more money, check out these 80+ side hustles.
Common family side hustles include cash for cans, buying things to resell, occasionally Airbnb, gardening, babysitting and odd jobs.
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.
Having this money greatly reduces stress and fights over money too.
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.
Or they have the option of waiting until a birthday or Christmas.
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.
Some ideas for keeping everyone connected, enjoying treats and focused include:
Friday Family Fun Night – Save treates for Friday, buy or make pizza, popcorn and a few treats then watch a movie or do a free event in your city.
Be a Tourist – Be a tourist in your own city and do all the free or frugal things. Too often we skip those places where we live.
Stickers – These work well with younger kids more than older kids.
Knowing we were doing that every week made it much easier for them when we had to say no at other times.
6. Share The Family Budget
Kids who grow up in homes where the family budget is discussed without putting pressure on the kids learn more.
Teach yourself about finances, have a strong budget that shows you are saving, investing and building a future.
Use resources such as The Barefoot Investor, Unf*ck Your Finances, Money With Jess,The Money Reset and more to learn.
Then have open discussions with your kids about it.
You can play financial podcasts in the car or at home too and kids will learn more by default.
Being open about finances helps kids learn and can teach you all valuable skills.
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.
Read how to get kids to help at home for some ideas.
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.
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.
Make sure whatever resources you use, they are relevant to you and your country.
What do you do to get your family on board with saving money?
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