Plenty of people have a go at giving things up. Whether for religious reasons, like important events such as Lent or Ramadan, or to change habits – like deciding to spend less and save more in the new year, or less time in front of screens…to eating more greens! Trying to give something up could be a good test for your kids. Here’s why.
Most of us have to make choices about spending and saving money as adults, and that can mean giving something up in order to save for something in the future.
The amount people save across the UK has been gradually increasing (IFA 2023), in line with better interest rates. Whilst that’s pretty standard practice for many adults, it might feel hard for kids to give something up, like those regular corner shop snacks, to help save for some fancy new trainers.
It might also impress them to watch their savings grow, through earning a little interest. Incentivising them to save can seem easier said than done, but with the Rooster Card* subscription, parents can set up interest on their children’s savings, meaning they can see their money increase the longer they save. Find out more about adding interest here.
*Card for ages 6-17. Fees and T&Cs apply. Parent/guardian must be 18+ and UK resident.
Giving something up isn’t always tied to religious beliefs. In some farming communities, early spring is the time when food supplies are lowest; the big harvest was brought in before winter, and many of the new plants and animals aren’t ready to eat yet – meaning families had to be more frugal with their food.
Of course, today most of us can get good, cheap food all year around. However, giving something up for a few weeks might help kids understand that life hasn’t always been like this. Even grandparents might be able to remember a time when things like meat or chocolate were much more expensive, or even rationed.
You may have heard of (or seen on social media) the famous Marshmallow Test, first staged in 1970, by the Stanford University professor Walter Mischel. He offered primary-school aged children the choice between a small immediate reward – in the form of a marshmallow, or other tasty snack – and a larger reward, if they waited for fifteen minutes or so. Mischel followed the children through later life, and found correlations between an early ability to hold back from munching the snack immediately, and higher achievements at school and better health too.
Mischel’s results have been questioned by other experts, but most who’ve tried to replicate the study have reached similar conclusions.
When it comes to money, kids might think they’d be chuffed if they were able to download every game they wanted, or clear out Amazon every week. However, a recent study found that those who save more and spend less feel happier and more satisfied with their lives (CNBC 2019). Perhaps giving up those little treats might not make kids as unhappy as they originally thought.
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To read more about giving things up and saving, check these out: learn how to talk to your kids about their needs and wants, how to talk to your kids about saving, and fun ways your kids can save.