“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.”
Ayn Rand
Financial experts and our common sense tell us that we should spend less than we earn and save some of our money regularly, consistently and automatically.
However, this is easier said than done especially when it feels as though the rest of the world is trying to find ways to get us to spend our money so we will feel happier and live a better life.
Frugal February is a great opportunity to shine a light on our own financial behaviour and become conscious and mindful about the decisions we make. And to actually make some changes, no matter how large or small.
Getting the family and children on board is ideal but can sometimes feel like a bit of an uphill battle.
If you havn’t already, sign up HERE to receive your FREE FORTNIGHTLY MONEY MINDSET ACTIVITIES. You will also receive your free GUIDE TO A GROWTH AND ABUNDANCE MONEY MINDSET and the link to this fortnight’s free activity IS IT A NEED OR IS IT A WANT?
Here are 7 ways to help you get your children involved in Frugal February
DON’T FORCE THEM OR TELL THEM THEY WILL BE DOING FRUGAL FEBRUARY. Rather explain that YOU have decided to make some changes in YOUR life and invite them to join you. Explain what Frugal February is all about and what you will be doing to save money during the month of February. Encourage them to come up with their own ideas by brainstorming together. For more than 50 ideas on how to save during the challenge read HOW TO DO FRUGAL FEBRUARY IN STYLE.
HAVE A CONVERSATION ABOUT THE DIFFERENCE BETWEEN NEEDS AND WANTS. Use this fortnight’s free money mindset activity to create awareness around the difference between a need and a want and as the beginning of an on-going conversation.
PLAY THE “IF I ….. THEN …” game with your children and teach them about OPPORTUNITY COST. For example “if I buy that large ice-cream today, then it will take me much longer to save up for that special toy I want to buy”. The opportunity cost of buying the large ice-cream today is that you have less money saved towards your saving goal. Opportunity cost is what a person gives up when they choose one option over another
GO ON A FINANCIAL DISCOVERY OUTING and discover just how many wants are out there. Take a walk along a street or through a shopping mall or even just browse on line with your children and as you point to items, ask the question “is that a need or is that a want?”. Engage further by asking “why is that a need or a want?” Take turns to find items to point to and ask the question.
PLAY “IS IT A NEED OR IS IT A WANT?” WITH YOURSELF. Take a quiet walk with yourself through your closet or your home and notice how many wants you have. Perhaps you could do a bit of decluttering and sell something on line or take it to a charity shop (but only if it’s in good condition).
CREATE A FAMILY FINANCIAL STATEMENT. Creating a family manifesto is a great opportunity for everyone in the family to feel heard and appreciated and to understand what is important to their family. Often we don’t talk about it yet we expect our children to know. If you would like the free template, get hold of me on facebook and I will gladly send it to you.
PRACTICE GRATITUDE – Research confirms that a regular gratitude practice not only improves immune system function and lowers blood pressure but also helps reduce the risk of anxiety and depression. Practicing gratitude could also help us save more and spend less. If we feel happier on the inside, we may do less emotional shopping. Set up a daily gratitude practice for yourself and your children. Keep it fun, light and easy to do.
Remember that financially independent and responsible adults are not born…they are raised. And you are busy raising one. Sit with that thought for a while and be grateful for the journey that you and your child are on.