Top money saving tips and tricks that parents pass on to their kids

A poll of 1,000 British mothers with children aged 6 to 17 found that 79 per cent were trying to pass money-saving tips and tricks on to their children as they grow up.

Having them earn money through chores (36 percent) and visiting charity shops for designer gear (20 percent) were popular ways to teach children the value of money.

Other money-saving tips moms-to-be pass on include buying in bulk (16 percent) and buying a used car instead of a shiny new one (17 percent).

“Money saving tips from a young age are very important,” said a spokesperson for Revolut, which created Revolut to help children and teens feel positive and empowered about money and commissioned the study. “Sharing quality time with each other to pass good money habits sets a child up for life.”

“Setting regular ‘paydays’ and pocket money ‘challenges’ are great ways to challenge young people to complete tasks in order to get their winnings.”

The study also found that 12 percent had told children the “secret” of shopping at the supermarket late hours to get discounted products.

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

But 43 percent remember receiving tips from their mom when they were younger — while 25 percent got tips from their dad.

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

While 41 percent often try to teach kids the value of money, according to OnePoll numbers.

As a result, 42 percent think their youngsters are at least somewhat careful when it comes to money – although eight percent still “not very spunky”.

But despite the cost-of-living crisis, 73 per cent have not changed the amount of cash they hand out into pocket money each week – with the average cost being paid to parents £6.36.

A Revolut spokeswoman added: “Our survey revealed that cashback services are one of the most popular ways to save money, used by 28 per cent of mums.

On top of that, we’ve seen a 180 percent increase in the number of customers using Revolut Rewards to get cash back on everyday spending.

“It’s encouraging to see from our results that moms are not only keen to give money-saving tips, but have an impressive list of ways they do it.

“If young teenagers in Britain take this advice half as seriously, they will be set on a really strong foundation for the rest of their lives.”

25 money-saving tips moms give up:

1) Use discounts

2) Get less heating

3) Save a little and often – eg a pound a week

4) Cut down on prepared meals and fast food and cook at home more often

5) Unplug everything in the house when not in use

6) Biking/walking over taking the car

7) Convert money into payday savings

8) Use cashback services

9) Round up the excess surplus of your savings

10) Fix clothes instead of buying new ones

11) Buying a used car instead of a new one

12) Use different accounts to create money pots for different things you might want to save for

13) Check your account balance every day

14) Bulk purchase

15) Shop late to get discounts

16) Don’t always flush the toilet

17) Not spending one day of the week

18) Make small payments with a credit card and pay them off instantly

19) Wash the cups first to keep changing the water when washing

20) Transfer money to someone else’s account so that you can’t spend it

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

22) Cut your hair

23) Get condiments from fast food restaurants

24) Reuse tea bags

25) Turn off your engine at a red light

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