Money-savings tips to pass onto your kids this Mother’s Day

A survey by Revolut of 1,000 mums with children aged six to 17 recently found 79% were keen to pass on money-saving tips and tricks to their kids as they grow up.

Having them earn money by doing jobs around the house (36%) and visiting charity shops to pick up bargains (20%) were among the most popular ways mums like to teach their children about the value of money.

Other money-saving tips include buying in bulk (16%) and not getting caught out by depreciation by buying a second-hand car instead of a new one (17%).

So, seeing as Mother’s Day is just around the corner, instead of telling you how to make a gift for less or cook up a sumptuous feast on a budget, we’ve pull together a list of amazing money-saving tips that mums think their kids need to know for a successful financial future.

Talk openly about money

Talking about money is still a taboo but it doesn’t need to be. Speaking openly and honestly about it with your kids as is a great way to get them to understand what things cost and why it’s important to manage money.

Don’t be afraid to discuss subjects like your salary, how much you earn and where it goes – explain why we pay tax and why we need to pay rent/mortgage and household bills. Show them how you save for big purchases - like family holidays - as it will help them understand the importance of saving and leads into a conversation about why we can’t always afford everything they want.

Also discuss debt – help them to recognise that most people have some form of debt and chat about the signs you should look out for that indicate it is becoming a problem.  

Budget, budget, budget

The sooner you start budgeting, the sooner you realise what a powerful affect it can have on your life. Kids who are taught how to budget at a younger age become financially resilient adults. Make budgeting easy for them to understand with a supermarket shop. Give them cash and let them draw up a list of what is needed for the week. They’ll soon see that by following the plan or ‘budget’ they will be able to afford everything on the list. They can even ‘budget’ to pick up a sweet treat at the end of the shop if they have money left over.

Need v want

Millions of mums have heard their precious offspring announce ‘but I need it’ about a new trend or fad. And growing up in the age of social media where everyone ‘has it all’ makes it even more difficult to understand why sometimes you can’t have everything you want.

People need things to stay alive like food, water, clothing and shelter. And wants are things they’d like to have but are not necessary for survival. Getting your kids to understand the difference at an early age will only benefit their future lives.

Reward saving

Don’t be afraid to say no to something or explain that you can’t afford to buy it. Teach your kids to set goals and reward them when they help around the house so they can save for that thing they really want. Chances are they will appreciate it all the more when they do eventually have the money to buy it.

Don’t rush a purchase

Give your kids the confidence not to rush a purchase – especially big ones. Show them that they don’t need to buy impulsively. Teach them to wait 24 hours to see if they really want it - quite often people change their mind or realise they don’t really need to buy whatever it was.

Use discounts

Discount codes and vouchers are everywhere now. Make your kids aware of how they work and how they make the things you buy cheaper. Ask them to look out for codes, such as money off family days out on the back of cereal boxes or buy-one-get-one-free offers in shops. They’ll soon start to see how much you can save by being savvy, while still getting to do or have all the nice things in life.

Get a smart meter

We take for granted that kids understand how we get and pay for energy. They don’t understand that leaving a light on costs this much or you can save by unplugging the TV or layering up and keeping the heating down.

Get a smart meter and set them a challenge of recording what it costs to run the washing machine or turn the heating on. They’ll soon be far more aware of wasting energy and money and this will help them greatly when they get their first home.

Cooking challenge

Despite inflation falling, the price of food is still at historical highs. Why not give your kids a night each where they come up with a family meal from the contents of your fridge, cupboard and freezer? Get them used to being resourceful and creative so they can whip up a meal on a budget or reduce food waste as they get older.  

Most kids will be up for the challenge and won’t see it as a chore. And the added bonus is you’ll get the night off too!

Mend and make do

In a disposable world of fast cheap fashion, it’s really easy to get into a habit of throwing away things that are broken or unwanted. Go back to old fashion values and teach your kids about mending. You don’t need to be an expert seamstress. Showing them how to do a basic running stich will teach them a valuable lesson about how caring for our belongings can save money.

Make money from things you don’t use

Don’t let unwanted items and clothing clutter up the house. Get your kids to help you spring clean. Reward them by letting them sell their old toys and clothes at a car boot sale and let them use the proceeds to treat themselves to something new. You could also sell things on Vinted, eBay or Facebook Marketplace but you’d have to do this for them, and it will make less of an impact than getting cash in their hand.

Mums’ money-saving advice for other mums

Busy mums – especially those on low incomes - are usually the best at saving money. And they don’t just have advice for kids - they have some ingenious money saving suggestions for other families too. Here’s some of our favourites:

• If you use a credit card, make sure it’s one with points. Save up the points and cash them in for vouchers at Christmas to buy presents. Use it like a debit card and you’ll never pay interest.
• When family and friends ask what to get your kids for Christmas or birthdays, ask for an ‘experience’. This way your kids with get exciting days out and activities to spread throughout the year that won’t break the bank.
• Don’t try to keep up with the Joneses. Let them live their lives and live yours within your spending limit. This is often easier said than done.
• Just because you don’t have spare cash doesn’t mean you need to miss out. Get out in nature and walk instead of joining a gym or take it in turn to meet friends for coffee at each other’s houses and stay away from pricey coffee shops.
• Invest in a chest freezer and batch cook meals. This saves running to the shop or getting a takeaway on the nights when ‘you can’t be bothered cooking’.
• When stocking up for a baby buy in bulk when supermarkets and shops have offers on. And wherever possible, pick-up own brand products.
• Kids grow so quickly. Set up a local swop scheme with other mums so you can swop clothes and toys that your kids have grown out of - or no longer play with - and replace them with something more suitable.
• Check out local listings for free things to do with kids in your area. You’ll usually be able to find lots of stately homes with free kids activities and museums where you can keep your little ones entertained for hours.