How to challenge your kids to spend less
At FLX, we talk a lot about how to get kids to save more, but there’s another good money habit to instil in your child – spending less.
Good money management isn’t just about saving money; it’s also about spending wisely. That’s why it’s good to teach kids about the pitfalls of spending money unnecessarily.
Here are five ways you can encourage your kids to spend less.
1. Ask them to find cheaper items when shopping
When you’re at the grocery store, ask your kids to help you find cheaper products. This will teach them to compare prices rather than grab the first item from the shelf.
Next time they see a toy or game they want, they may think twice before buying it. They may choose to browse the store to find a similar item that costs less; or, if they really have their heart set on it, spend less on other things to free up money to buy it.
2. Encourage them to buy smaller meals
Kids’ eyes are often bigger than their stomachs. They may want the jumbo milkshake or the adult-sized meal, which are often unnecessarily large. If you give your child pocket money to buy snacks and lunch at school, encourage them to choose normal-sized snacks or lunches that are easier to consume and cost less.
As part of the process, you can set up your child with FLX prepaid Mastercard that links to your Flexischools account. You’ll be able to transfer pocket money to your child’s card and they can keep track of their spending on the FLX app.
3. Shop at charity stores
Bargain hunting can turn into a fun family trip. Many charity shops in Australia stock pre-loved clothing, toys, books, and games, many of which are still in good condition. Some organisations, like Save The Children, use the sale proceeds to support vulnerable children and families.
Shopping at charity shops teaches your kids two important lessons:
1) Not every item they buy has to be new. Charity shops have many wonderful pre-loved items at bargain prices.
2) They can save money and help the less fortunate at the same time.
4. Challenge them to a no-spend weekend
Have you ever taken the kids out over a weekend and not bought a single thing?
No-spend weekends may sound impossible, but they can actually be fun. Have a picnic at the park, spend the day on the beach or go for a hike in the hills. Pack your own food, drinks, baby supplies and kids’ entertainment, so no one has to dip into their wallet.
5. Resurrect the bartering system
Getting something you want doesn’t always require an exchange of cash. If your child is over Peppa Pig and now loves Squishmallows, you can encourage them to trade toys with friends. Swapping toys is a win-win situation. Both kids get what they want, with no money exchanging hands.
When you spend less, you automatically save more. If your child becomes more mindful of how much they spend and learns to shop smarter, they’ll have more money to put towards bigger goals. This is an important life lesson that will serve them well in adulthood.
FLX is a great money management tool for kids. They can keep track of their purchases and see how much money they’ve saved by spending less. You can learn more about FLX here.
This is general advice. Read the PDSs & TMDs at www.flexischools.com.au/legal before deciding if FLX is right for you. The FLX Services & Flexischools are provided by InLoop Pty Ltd ABN 27 114 508 771 AFSL 471558 (trading as Flexischools). The FLX Prepaid Mastercard is issued by EML Payment Solutions Limited ABN 30 131 436 532 AFSL 404131 pursuant to license by Mastercard Asia/Pacific Pte. Ltd.