How to Teach Teens about Budgeting through Couponing
When kids become teens and enter adult life it is essential for parents to teach them basics of budgeting. This way they will learn about the true buying power of the money in their pocket and will understand the importance of making smart buying decisions. And the best way to teach teens budgeting and smart shopping is to show how to use coupons to save on products they want and need. As soon as they see how couponing enables them to buy more or higher quality goods with the same amount of money available they are sure to become true couponing fans.
Planning a Budget
Budgeting concerns dealing with finances and teens are sure to appreciate the value of coupons when they realize how using coupon benefits the cash flow. So at first you should get your teen to build a basic budget to figure out the current spending patterns, choices he or she faces, goals to attain, and deficit if any.
Offer your son or daughter to list their expenditures (items they usually need to buy). It can be food, clothing, entertainment, gas or bus fare, school supplies, etc. It is important to start with a 30-day budget and during this period of time your teen should record all spendings so he or she could see what is purchased. At this stage it is important to list all cash outflow in the budget.
After the month of budgeting practices you may ask your teen to identify categories where he or she would like to have more cash and those where more cash can be generated (for example, by saving on eating out or buying gas cheaper).
Then it's time to introduce couponing. You may begin with just one category, for instance, grocery shopping, clothing shopping or eating out.
- Demonstrate several ways of finding coupons: online, on his or her mobile app and in the Sunday paper inserts.
- Show how coupons can be sorted and filed. For example, it is convenient to keep the paper coupons in the file box as well as online coupons that have been printed out. The app coupons should be tagged or marked (or consider transferring them to a store loyalty card).
- To get organized for a shopping trip encourage your teen to plan out the grocery list, marking all the items he or she has coupons for. Make sure your teen takes into account sizes, expiration dates, quantities and brand names.
- Go shopping together to show how to use coupons and redeem them for discounts at checkout. If you shop online demonstrate the youngster how to use coupons when ordering merchandise online and share with him or her the couponing sites you check out regularly to access coupons and promo codes 2016.