Frugalicious For Families

Teaching your kids to lead frugalicious lives is one of the most important things you can do as a parent. Here are a few tips to better prepare them for financial independence once they’re older:

• Allow kids to make spending decisions on simple shopping trips – think of it as “practice rounds” for the real world.
• Empower them early on to become regular savers by taking them to open their own savings accounts. ACU has multiple frugalicious saving options for kids at acuonline.org/kids.
• Since the “d” word (“debt”) is one of the biggest issues young people face, take the time to teach kids how credit cards work at every opportunity.
• Start the discussion early about things like writing checks, smart budgeting and the difference between saving and spending.

Finally, get a jumpstart on saving for college by checking out ACU’s 529 College Savings Plan. Research has shown that a college education greatly increases a person’s chance of earning more over a lifetime. The problem is, college is expensive. So be frugalicious with your child’s future and plan ahead!