Money saving tips a guide for adults and children

Every penny counts.

Saving money is one of the most important characteristics of having a secure financial foundation in the future. Yet many of us don’t know the importance of saving money. Ignorance is not bliss, and what you don’t know can be learned through trial and error. Children and adults alike benefit from learning about saving, but we aren’t taught the importance of it in the classroom.

How can adults learn financial wisdom and teach children about saving money? Following these tips from money expert’s tips to generate ideas about the best way to save money in your day-to-day life.

Learn the difference between wants vs. needs

The first step to learning the value of saving is to distinguish between your needs and wants. Our basic needs include a shelter to live in, clothing, food, education, and healthcare. All extras from designer bags and wallets, extra shopping, movie tickets, chips, apple watches, or any other latest gadget are all wanted not needed.

By figuring out what object is needed and what is a want, you can prioritize what you spend money on, leaving some extra to save.

Have a space to save

Money boxes and piggy banks are a great idea, but they don’t give a visual. Get a big clear saving jar where the whole family can see the money growing. Yesterday you had 20 pounds and a penny. Today you have 30 pounds.

Open up a bank account

Once your clear jar is full count the money and have your children count how much they have saved. Take the money out and open an extra savings account. A saving account can provide a great source of motivation for everyone because you know your money will grow as long as you don’t touch it and keep adding more to it.

Say no to impulse buys

“Wow, these shoes looks lovely. It’s the perfect color and I love it, I think I should buy it right now.” Does this sound familiar? Capitalize on impulse buys by giving yourself a day or two to think with a level head about whether you need the shoes or not.

Save energy

Did you know by making a few tweaks to your home you can save money on your electrical bill?

You can start small by Switching to led light bulbs, and energy-efficient appliances, switching off electronic devices when not in use, fixing leaky pipes, taking shorter showers, installing dimmer switches, and washing your cloth in cold tap water.

Have a yard sale

DE clutter your home and get rid of things that you need anymore. That tricycle sitting in the corner? Sell it. That vintage wall piece you bought from an antique shop? Sell it? That rocking chair you got as a housewarming gift 6 years back? Sell it. You can make cash on those things and get rid of clutter. Isn’t that a win-win?

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