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Advice for a Frugal Summer
9 Tips for a Financially Sane Summer
- Encourage your kids to give this summer, not receive. Spending lots of money on kids, whether in the form of vacations, summer camps or brand-new bikes, can breed materialism and a sense of entitlement. You can counteract these forces by insisting that your children spend some time giving back this summer. This will also help foster compassion for others in your children. "There are many nonprofit organizations for which kids and entire families can volunteer," Tyson says. "Of course, it doesn't have to be that structured. You can make a decision to, say, visit nursing home residents once a week. Adopting a 'cause' as a family helps kids gain a healthier perspective to see that others are less fortunate, and frankly, it serves as a good reminder for parents as well."
Generally, it's best not to indulge children any time of the year, Tyson says.
"Toys, art classes, sports, field trips and the like can rack up big bills, especially if you don't control your spending," Tyson writes in Personal Finance for Dummies. "Some parents fail to set guidelines or limits when spending on children's programs. Others mindlessly follow the examples set by the families of their children's peers. Introspective parents have told me that they feel some insecurity about providing the best for their children. The parents (and kids) who seem the happiest and most financially successful are the ones who clearly distinguish between material luxuries and family necessities."
