How do you teach someone not to spend so much money?

Question

My mom is really bad with money. She spent $35 to make lasagna the other day, where I usually spend about $10.00. She says she wants to be better with money but she doesn't know how. Does anyone have any suggestions on how to show someone how they don't have to spend so much money on things?

Thanks

Answer 1

It's her money, she can spend as she pleases. But if she thinks she can fall back on you when it runs out, kindly remind her that wont happen!

Answer 2

don't give them money or set a limit on how much they can spend a day

Answer 3

Suggest she write down every penny she spends and totally it up each week...this will give her a reality check.  

Answer 4

Take the money they dont need and give it back later!

(my friend's mom did that to my friend)

Answer 5

I wish I knew, I am going through the same thing with my new hubby. I swear he goes to the store for a gallon of milk and spends $50 (and that's on a GOOD day)..ha ha.

I can totally relate to what you're going through.

Good luck!

Answer 6

I found that it helps to write down everything you spend money on and what it was used for.  Then you can look back at the list and see where you wasted money or where you could have saved money.  You don't always have to buy name brand stuff at the grocery store either, for example.  A lot of the generic brands are just as good and costs you less.  Hope this helps.

Answer 7

stay with them for a while and tell them what to buy and what not to buy. that is how i would teach them.  

Answer 8

Maybe go shopping with her, let her know the things she needs to buy and doesn't need to buy. When she wants to cook lasagna go with her and see what she doesn't need to buy, and what brands she can switch to. Slowly helping her realize she doesn't need all of that to make a good lasagna. Buy being there seeing what goes in the cart and what you actually purchase will help her transform to watching her prices. Also have her have a budget, going to the supermarket only have her take $25 in cash, NO CREDIT CARDS NO CHECKS! So it forces her to look at prices, and leave behind the unecessary things she doesn't need, and if she needs it really bad!! She can come home and get the few extra dollars she needs and go back and get it, then she can decide if it's really worth going back to get.

Answer 9

Sounds like my mother in law. Every year for my husband's b-day and for Christmas, she buys prime rib to feed 8 people. The most recent one was $72. Then she makes like 5 side dishes. She told me she spent over $600 on two Christmas dinners this year. And she has no problem with dropping $20 to make some fancy kind of spaghetti that a normal person would spend $4 on. We told her about the book "The Total Money Makeover" by Dave Ramsey. It's helped my husband and I a lot and it's helping his parents, too. They don't use credit cards anymore. They sold a lot of their frivolous c**p (like my FIL's speed boat that he uses like once a year) to pay off some of their debt.

It's an awesome book. It's not a get-rich-quick scheme. It takes self control, dedication, and hard work. So unless your mother really wants to take control of her finances, buying her the book would be a waste of your own money. She sounds like she wants to be in charge. She'll need encouragement and accountability. Dave Ramsey includes letters and e-mails that people have sent him about what they did for their finances. One lady said she paid off her credit cards and kept only one open. She froze it in a block of ice so she wouldn't be tempted to buy things with it. She can only get to it if it's something really really important. It talks about how to save money with health ins, car ins, buying groceries, mortgage/rent payments, school loan debt, credit card debt, car payments, etc. It's amazing and it's helped us so much!

Answer 10

i gotta problem exactly like that with my boy if he saved his money he would of been off p.o months ago you cant do a whole lot about it u could just go with her n tell her wat to buy n wat not to buy

Answer 11

Thats a really good question. But I dont think people can be taught that. Especially if they have the money to spend. The best way is for her to be inspired by saving money. Take her somewhere where she can buy things and save money at the same time.  

Answer 12

Budgeting is the key. Obeying a budget will force you to creatively make a dollar go further. People will be bad with money for as long as it is plentiful. But if they have limits on what they can spend, then they will have to find a way to make what little they have to go further.

Answer 13

Teach her how to make a budget.  Creating a budget and actually putting your spending habits on paper can really help.  When it's minute by minute you don't actually see the overall outcome, but when you realize you are spending $x*x.XX on food or entertainment etc every week or every month - it makes it more real. It also helps create boundaries.  If she has a budget for $50.00 a week for food - and she just spent $35.00 on lasagna, doesn't leave much left over for the rest of the week.  Makes that $10.00 lasagna much more appealing.

Answer 14

The problem with many people is that they are programmed into making the "Safe" ie brand name choice instead of trying cheaper alternatives and testing them for quality.  She is probaby so used to buying and doing things like going to a certain store or buying a certain product that she is unaware of how much that is costing her.  The only way to break her of that is to take her to different stores, make her try new products which cost less, and go in with a spending limit.  Good luck.  Spending habits are very hard to change and it is often akin to fighting an addiction.