Learn to raise financially savvy kids

October 28, 2008 3:47:40 PM PDT
Experts say, if you haven't done so already, now may be the perfect time to teach your kids how to save money. We turned to super saver and single mom Erin Libranda for advice on raising financially savvy kids.She's only 17 years old, but Jordan Dailey is considered wise way beyond her years when it comes to coupons. For years, Jordan watched her mother and learned. Now that she's out on her own as a college freshman, it's her turn to budget.

"I have to buy my own groceries with my own money," Jordan said.

Instead of complaining, Jordan is fighting inflation by using coupons, just like her mom.

Jordan's mom Super Saver Erin Libranda said, "I was really surprised. She took off and now she's doing the deals on her own."

Their family of four has always been on a tight budget. But Erin admits raising frugal children wasn't always easy. It took discipline and an early start.

First, Erin says it's important for kids to learn the value of a dollar at an early age. She taught her girls when they were only four years old. Next, she advises parents to teach kids the importance of earning some of their own money.

Erin said, "I try and tell my kids, if you want something, you have to work for it."

Number three, Erin suggests a visual lesson for your kids. She once laid out all the bills and then showed them exactly what the family had to spend. Finally her kids began to understand.

Erin recalled, "I sat them down and said, 'Look, this is how much money Mom has. It's only going to go so far.'"

This year, Erin even challenged her family to an $800 food budget for the entire year. It meant everyone would have to pinch pennies. So far the challenge is working. The Librandas still have more than $200 to spend.

Now that her oldest daughter is on her own, Erin says it's nice to know the lessons are actually paying off. You can get tips for deals of your own on Erin's Super Saver blog.

Houston Consumer Blog | Consumer channel | Angels | Green Team | Stretch Your Dollar| Headlines at a glance


Load Comments