It’s one of the greatest lessons we can have and I believe the sooner the better
So, check out my tips for teaching your child about money
The going rate for pocket money when I was younger was £1 a week, however, it has gotten much higher over the years. The average pocket money is now £6 a week!
If I gave my 3 children £6 a week, it would set me back a massive £72 a month! There is no way I could afford that.
- Start money saving with your child at an early age to help them appreciate money. Starting simple and giving them pennies to save in a jar is a great idea. They can watch their coin collection grow, then when the jar is full, take them to buy a toy of their choice – They will cherish their purchase even more known they worked hard to save and pay for it.
- If children can associate work with earning money that can also be a great way for them to earn their pocket money. With my children, I give them small jobs and pay them – 50p for the dishes washed, 20p to dust, 20p for sweeping the floor. You will surprised how many jobs they want to do if they’re being paid. However, my son’s favourite job is to help me with Ashleigh Money Saver when I am very busy. He will often sit with me on his homework laptop and reply to some of your messages – so next time you get a reply to a message you have sent me, it may well be my 9 year old son replying to you!
- Check with your bank if they do children’s savings accounts. I have one for my children that they can save in, but you can still take money out whenever you/they wish – I normally pay my children’s job money into their bank account so they can earn interest on it while they are saving for something they would like
- I have came across a great website called Qwiddle. It is a fun way to save money and you can top up your child’s account. Your child can download the app on their phone or tablet if they have one, alternatively, they can download it on your phone or tablet and they can set themselves saving goals and watch their money build. When it comes to spending the money, any website that accepts PayPal payments will work with Qwiddle.
- Go Henry is another savings idea aimed at children. This one does have a monthly fee, however it is less than £2 a month. Parents can transfer money into their child’s account, they can set spending limits and also limit where the money can and can’t be spent. Go Henry is also covered by FSA.
- I definitely agree with teaching your child they must save for something they really, obviously something that isn’t going to take a full year to save for, but it will teach them they have to wait until they have the money before they can have it – this will teach them to save in the future for anything they want
- Teach them not to impulse buy – this is a dangerous habit to get into. Ask your child the same questions you ask yourself – Do you really need it? Is there a similar, cheaper alternative?
- Get your children involved with the weekly shop. Give them a budget for your fruit and vegetables and give them a list of what fruit and veg you need. See if your child can get everything on the list and within the budget. I’ve tried this and my children realised it was cheaper to weigh loose fruit than buying prepacked so they swapped all their fruit and veg and managed to save £6 – they were so pleased!
Can you think of any more that should be added to the list? Let me know at [email protected] and I will add it to the list and credit you 🙂