Family Budget: How to Keep Your Kids from Feeling Deprived in a Frugal Family

It may be good for frugal families, as the title suggests. But after reading the article by Maine Mama, wealthy families can put these ideas to use if they don’t want to have spoiled children who do nothing but ask for money.

Maine Mama shares her three strategies:

  • First, involving kids in our financial goals.
  • Second, letting the kids make a lot of financial decisions themselves.
  • Third, try to say “yes” as much as we can.

I may not agree with #3 fully. Saying “yes” too many times may bring more harm than good. But asking why and how to get it are crucial questions. For example, if your kid wants a new bike, ask him why he wants it. If you agree to the new bike, discuss with him how to get it.