How often do you talk to your children about money saving?
If you find it a little difficult then I have put together a simple guide to money saving with children…
As my children are getting older, they are becoming more interested in what I do at work so I thought it would be fantastic to start getting them involved and take their curiosity as a perfect opportunity for a bit of financial education.
- Helping them understand coins, notes and simple adding and subtraction is a great start. This way they can start to manage their pocket money themselves and know they can’t overspend. Try to use real money instead of play money so they get a real understanding. Ask your child to arrange the coins in order of value too as a little quiz.
- When you all go out shopping, show them special offers and how to get value for your money. Buying loose fruit and veg is a perfect example as loose is often cheaper plus the kids love to choose their own.
- When you are next in a supermarket, why not give your child a calculator and ask them to add your shopping total up as you go around?
- Try some shopping role play. Give your child a handful of pennies, 2p’s and 5p’s and ask them to buy a peice of fruit from you for say 8p and they have to work out which coins to use.
- Make big financial decisions as a family. Maybe you are wanting to go on holiday? Set a budget and explain the difference why you can afford to go to Disneyland Paris but can’t afford to go to Disney world in Florida.
- A savings account can often be a good idea for your child. Encourage them to save little and often into it and they will love watching the balance rise over time.
- We all have a wish list don’t we? Well, encourage your kid’s to write a wish list too. Tell them to keep it realistic! If they really want a new teddy from build a bear then discuss how they can afford this. Do they have to save their pocket money or do they have to help out with emptying the washing machine in order to afford their new teddy?
- Pocket money is a major thing in my house. If my children misbehave then I will cut their pocket money, if they are well behaved they can earn a little more and if they help out with housework or do well in school that week then they can also earn a little more. I’m not talking mega bucks as I have 3 kids and couldn’t afford to give them a fortune.
Lets face it, we all love the feeling of pay day and I’m pretty sure your children will if they are more in control of their finances (pocket money)