By Daniel Rodriguez | Dr. Budgets

A great tip for saving money with kids is one I learned firsthand from my mom: the concept of a wish list. We didn’t have much money growing up, so this grew out of necessity. It works like this: when you are at the store with your kids and they want something, tell them it will go on their wish list instead of telling them “no” or buying them what they want in the moment. You can then refer back to this list for birthday and Christmas gifts, and once in a while get something from the wish list out of the blue or because they did something right. The spontaneous gifts will do two things: they will feel special AND they will know that the wish list isn’t just a way for you not to buy them anything ever! This will save you money because you won’t be spending money on your kids just to appease them every time you go to the store. Not only will you be saving money with kids, but you will also teach them discipline and fiscal responsibility through delayed gratification.

What if you don’t have kids? This tip can also work for adults! I have my own wish list that I build over time (I guess old habits die hard!), and then I use it to determine rewards for myself when I achieve certain goals (see here for an example). It is so much more meaningful to buy something because I accomplished a goal, rather than just because I wanted that thing in the moment. The other side benefit of creating a list (whether for yourself or your kids) is that some of the things on the list fall off after some time because you may not want them anymore or your needs may have changed. I have used this system to save lots of money over time.

What do you think of the “wish list” concept? Let me know in the comments section below!