Good spending and saving habits – getting your kids in the know

*Collaborative Post *

We all know it’s not easy being parent. But setting them up for their future is something we should all, as parents, prioritise. So, when it comes to money, spending and saving – do you know where to start? You might have an ISA, a savings account or even an investment piece in place for your child – click through to this website to find out more – but what about their own knowledge of the subject? I must admit, giving children financial advice might not be as captivating as an episode of their favourite TV show, but there are other ways you can give them little life lessons without them loosing interest.

Unsure of where to start? Read on for some super simple ways you can teach your little ones about the importance of spending, saving and earning money.

Give them a visual aid

We all had piggy banks growing up, and chances are that your little one has one too. And there’s nothing more exciting then dropping a few pennies inside it and breaking it open to see how much is inside. If you want to teach your little ones about the importance of saving, why not switch the traditional piggy bank for a clear jar instead? Giving your child a visual aid means that they can physically see how much they’re saving and understand the importance of waiting and saving, waiting and saving a little more each time until they hit a particular target.

Set a good example

Kids pick up habits from those closest to them, so make sure you’re setting a good example when it comes to money and spending. Avoid making off the cuff purchases when you’re out and instead of allowing your child sweets at the corner shop, perhaps explain to them that the money you have needs to be spent on other things today. If you and your partner often argue about your finances, avoid doing it within earshot of the children.

Be more sensible with allowances

I didn’t get an allowance growing up, so when I had children of my own, I was more than eager to give them a little pocket money. However, experts recommend that parents avoid giving their little ones money for simply, existing. And instead, consider giving them commissions. That means any age appropriate chores that are completed – whether that’s stacking the dishwasher, putting clothes away, walking the dog, putting away the toys in the living room etc – you can give them a commission. It’ll teach them that money has to be earned and they’ll appreciate it a bit more!

Teach them about saving

Once they start earning a little commission here and there, they can learn to save up for something they really want. Using wall charts or your clear jar (see above) your child can watch as they get closer and closer to their end goal! If they want to save for two items at the same time, you can help them distribute their commissions into each saving pot. They’ll love it!

If you enjoy reading my posts, why not check out Vickie from Mumma and her Monsters

 

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  1. […] definitely want to know that you’re always in the best position possible when it comes to your finances. And sometimes, work alone doesn’t cut it. Maybe you don’t earn an awful lot in your job and […]

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