Beating Broke

Personal Finance from the Broke Perspective

Why You Should Let Your Teen Make Money Mistakes

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Why You Should Let Your Teen Make Money Mistakes

As parents, we want to help our children avoid the mistakes we made.  This is especially true with money mistakes as they can set people back years from achieving their financial goals.  (Sad to say, but some adults never achieve their financial goals.)  However, there are several reasons why you should let your teen make money mistakes.

My Biggest Money Mistake

Teen Money Mistakes
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I made so many money mistakes when I was young!  Probably the costliest one was transferring to a university for the winter semester and choosing a dorm room.  I called my future dorm roommate just to say “hi”, and she was so rude and gruff!  Because I was shy and fearful about living with someone, I backed out of staying in the dorm, but I couldn’t get a refund on my money.  I paid for that dorm for four months, and I never lived there!!

My mom never said anything; she let me make my own choice, and that decision was certainly one I learned from.

Watching My Son Make Money Mistakes

My son is now 15, and while he used to be a great saver, over the last few years, he’s become a spendthrift.  If he has any money in his pocket, he will try to find a way to spend it, often on items he doesn’t even need.

I live in fear that he’ll move out, get a credit card, and rack up incredible debt, which will take years to pay off or cause him to file for bankruptcy.

Why You Should Let Your Teen Make Money Mistakes

As hard as it may be, as parents, sometimes the best thing we can do is step aside and let our teens live their lives as they inch closer to independence.

Better They Learn as Teens Rather Than Adults

Keep in mind, it’s better to let our teens make money mistakes now than as adults.  My son is trying to save for a school-sponsored trip to visit some college campuses.  However, he’s struggling with this goal because any time he makes some money, he feels compelled to spend it.

The worst-case scenario here is that he won’t be able to go on the trip.  As an adult living on his own, he’ll face much more serious consequences if he can’t save his money. The worst-case scenario may be that he doesn’t make rent and is evicted.  I’d much rather he miss the trip this year and be envious of those who did get to go.  Hopefully that will motivate him in the future to save for large goals.

Experience Is the Best Teacher

While our toddlers soaked up every word we said and thought we were the experts, our teens our cynical and eager to break free from parental control.  Simply put, they don’t like to listen to us.  Sometimes as parents the best we can do is not say anything and let natural consequences take their course.

Think back to your own teenage years.  Did you learn best from your parent lecturing you or the experience of making your own decisions and dealing with the consequences?

When your teen stumbles after a money mistake, don’t swoop in with an “I told you so!”  No one appreciates that.  Instead, be a sounding board and encourage them to make smarter decisions in the future.

Watching our teens make money mistakes isn’t easy, but as they crave more and more independence, letting them experience life, and fail sometimes, is exactly what they need.

This December Save Money with No Spend Days

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While the holiday season often means seeing family and taking time off work, it is also typically a time of high expenses.  In fact, you may spend more in December than you do any other month of the year.  All of this spending can lead to a holiday hangover in January as you look at your empty bank account and credit card balance.  But it doesn’t have to be this way.  This December save money with no spend days.  You’ll be so glad you did when January rolls around.

This December Save Money with No Spend Days

How to Implement No Spend Days

No spend days can be a great way to save money.  December is a challenging financial month, so it’s best to start having one or two no spend days a week in November.  By December, you’ll have accrued extra money to use in the most expensive month of the year.

What Is a No Spend Day

Save Money by Not Spending
Photo by Clay Banks on Unsplash

On a no spend day, you don’t buy anything.  No morning coffee at the local shop; no online purchases, no matter how great the sale; no lunch out with coworkers; no stopping by the grocery store for a few items—you simply do not spend money on that day.  If you want to stretch yourself, try it for two or three days in a row.

Why Have No Spend Days in December

There are several reasons to have a few no spend days in December.

Learn to Rein in Your Spending Impulses

Money gets away from us easily in December.  We feel bad that we may not have spent as much on presents as we perceive others have spent, so we add on a few gifts.  We may want to give the hostess of a party a nice bottle of wine.  We may want to tip the hairdresser more generously.  On and on throughout the month of December, there are little and not so little expenses that chip away at our money.

A no spend day or two allows you a chance to take a break from spending.  When you take a break from spending, you reset your mind.  After a no spend day or two, it’s a little bit easier to not spend as much money.  It’s a little bit easier to ask yourself, “Do I really have to (or want to) buy this, or can I do without or wait?”  You may find waiting leads to never buying it.  When you check your buying impulse, it’s not so strong, and you can experience more self-control.  If you do still want to buy the item, you may be more inclined to look for ways to buy it for less.

Start the New Year without A Holiday Debt Hangover

Wouldn’t it be great if, come January, you open your credit card bill and are not faced with charges you can’t pay off?  Wouldn’t it be great if your bank account balance was still healthy come January?  Wouldn’t it be great if you bought gifts in a disciplined, conscious way so when the holidays are over, you just feel good about the holiday season rather than suffering from a holiday hangover?

It is possible to have a controlled spending holiday season.  One way to jump start this process is this December save money with no spend days.  Try to have one or two per week this month.

How do you keep your budget in check during the holiday season?  What strategies do you implement?  Do you have no spend days throughout the month?

4 Easy Ways to Slash Your Grocery Bill

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Is it just me, or does it seem to you, too, that your grocery money doesn’t stretch as far these days?  We’re on a tight grocery budget, and every week, I feel like I’m getting less and less for my money.  Since my family wants to eat, especially the three growing kids that eat a lot, I’ve found 4 easy ways to slash the grocery bill despite the rising cost of food, no coupons required.

4 Ways to Slash the Grocery Bill
Photo via idpinthat.com

Find Good Recipe Resources

The first of the 4 easy ways to slash the grocery bill happens before I even set foot in the grocery store.  I start by choosing my meals for the week at some of my favorite frugal recipe sites.  I love Budget Bytes, Struggle Meals, and $5 Dinners.  When I choose recipes from one of these sites, I know I’ll be preparing food for my family that is healthy and low cost.

4 ways to cut the grocery budget
Photo via idpinthat.com

Substitutions Are Key

Another way to save money is to freely make substitutions to a recipe based on what you have on hand.  This week, we’re having navy bean soup in the slow cooker.  The original recipe called for ham, but at $6 per thick slice of ham, that wasn’t in the budget.  Instead, I found Polish sausage on sale for $3.50 a pound.  That will be going in the soup instead of ham.

By making substitutions based on what you have on hand and what is on a sale, you can make your grocery dollars stretch further.

Shred Food Yourself

Buying food that is already shredded is convenient, but you can save a lot of money by shredding the food yourself.  A head of cabbage might only cost $1, but buying a bag of shredded cabbage costs $1.50.  I’d estimate that the bag contains about ½ of a head of cabbage, so I’m paying an additional $2 just for the convenience of not shredding the cabbage myself.  Since I have a food processor with a shred blade, I don’t feel the need to pay the extra money when shredding the cabbage would only add about 5 minutes to my food prep time.

How to Save on Groceries

Likewise, cheese as well as chicken, especially when bought in bulk, is much cheaper if you shred it yourself at home.

Buy in Bulk When on Sale

Finally, make buying in bulk a habit.  When an item that you use frequently goes on sale or is on clearance, stock up.  This summer, salad dressing was on clearance for .99 a bottle.  I bought 10 bottles, so we won’t need to buy salad dressing for the next few months.

Likewise, I only buy the crackers we like when they go on sale Buy One, Get Two free.  This sale runs two to three times a year, so I buy enough to get us through until the next sale.

By buying in bulk when items are on sale, I’m able to pay the lowest grocery price possible for the items we eat.

Sometimes, saving money at the grocery store just requires a mental shift and the development of new habits.  Make these small changes, and you’ll see your grocery bill drop.

Have you noticed the price of groceries increasing recently?  What strategies do you use to keep your grocery bill in check?