One thrifty mum has come up with a list some of the things she does with her children to help them learn about money, starting with the way you deal with money yourself, the way you talk about it and your attitude towards money and material things. She suggests being open and honest with them about how much we get paid and how much the bills are so they have a sense of reality.
Pocket money is a great way to teach them to budget, in order to teach them how to manage their own money. This savvy couple pay their children pocket money for doing their main jobs but they take away pocket money if the jobs aren’t done properly and they give the kids a few small jobs so they can earn extra money if they want to.
Another idea is to put the money your children earn for chores into a savings pot and then each time they want to buy something they need to count out the money, this will help children to appreciate how much things cost and how much work goes into having the money to be able to earn that cash. Enable’s IFA's in Bishops Stortford know it’s never too early to start learning about managing money.
Source: http://www.frugalfamily.co.uk/teach-kids-about-money/
Issued by: Enable Independent Financial Life Planners • 25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE
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