Parents give their kids the best money saving tips and tricks

A survey of 1,000 UK mums with children aged six to 17 found that 79 per cent would try to give their children money-saving tips and tricks when they grow up.

Earning money from their chores (36%) and going to charity shops selling designer clothes (20%) were popular ways to teach children the value of money.

Other money-saving tips from moms include buying in bulk (16 percent) and buying second-hand instead of a shiny new car (17 percent).

A spokeswoman for Revolut, which created the Revolut<18 program and commissioned the research to help children and teenagers feel positive and empowered about money, said: “Saving tips from a young age are vital. Spending quality time with each other to instill good financial habits prepares a child for life.

“Setting regular ‘payday’ and ‘tasks’ for pocket money is a great way to encourage young people to complete tasks to earn their income.”

The study also revealed that 12 percent told children the supermarket “secret” to shopping in the evening to get discounted products.

More than four in 10 (44 percent) live by the adage that if they can’t afford three times as much, they can’t afford it.

But 43 percent remember receiving financial advice from their mother when they were young, and 25 percent said they received it from their father.

The vast majority of respondents (86 percent) believe it is their responsibility to pass on money-saving tips and tricks to their children.

According to OnePoll, 41 percent try to teach children about the value of money.

As a result, 42 percent believe their young children are somewhat savvy when it comes to money, but eight percent are still “very clueless.”

But despite the cost of living crisis, 73 per cent have not changed the amount of cash they put into their pocket money each week – with the average parent shelling out £6.36.

A Revolut spokesperson added: “Our survey found that cashback services are one of the most popular ways to save money, with 28 per cent of mums using them.

“In addition, we have seen a 180 percent increase in the number of customers using Revolut Rewards for cashback on everyday spending.

“It’s great to see from our results that mums are keen to share money-saving tips, and they have a great list of ways to do it.

“If young British teenagers take even half of this advice to heart, they will be on a really strong foundation for the rest of their lives.”

25 tips to help moms save money:

1) Use of discounts

2) Lack of heating

3) Save little and often – for example, a pound a week

4) Cut down on food and takeout and cook at home more often

5) Unplug everything in the house when not in use

6) Riding a bike/passing a car

7) Transfer money to the savings account on the day of payment

8) use of cashback services

9) Saving spare money for savings

10) Repair clothes instead of buying new clothes

11) Buying a second-hand car instead of a new one

12) Using different accounts, create savings for different things you want to save for

13) Check your daily account balance

14) Bulk purchase

15) Shop in the evening to get discounts

16) Never flush the toilet

17) Skipping one day of the week

18) Make small payments by credit card and pay it immediately

19) Wash the glasses first to save water that is transferred when washing

20) Transfer money to someone else’s account so as not to spend it

21) Go at least a year without buying clothes or shoes

22) Cut your own hair

23) Get condiments from fast food restaurants

24) Reuse tea bags

25) Turn off your car engine at a red light

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