Saving habits start young

Enable’s IFA’s in Bishop’s Stortford know that it is not a brilliant time for savers in the financial world but at the same time saving money is invaluable. If you want your children or grandchildren to have a healthy attitude to money and learn how to budget and save what would be on your list of advice?

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 

Pocket money trends

The end of the summer holidays might find every parent wondering what’s going on with the amount of money the children seem to expect and be able to spend. Enable’s IFAs in Bishop’s Stortford note with interest that the average weekly pocket money has been growing faster than adult wages. Eight year-old children have apparently achieved faster "wage" growth than their parents, a 20-year survey of pocket money suggests, weekly allowances may have fallen in recent years, but children's £6.20-a-week pocket money has beaten adult wage growth since the survey began in 1987.

More than a thousand children are asked to reveal their allowances by the Halifax bank each year, it has carried out the research since 1987. Most of the children surveyed, aged between 8 and 15, said they had to complete household chores before they got their allowances but that figure has not been growing.  Pocket money however is still 5p lower than it was a year ago, and 30p lower per week than in 2013. Some say this means that austerity is affecting children's wages, as well as their parents'. Jasmine Birtles, of Moneymagpie.co.uk, said: "I am rather pleased the pocket money index has fallen. "For many years it significantly outperformed inflation, and outperformed everything, even after the crash in 2008. I hope a bit of reality has finally been injected into pocket money."

Enable’s IFAs in Bishop’s Stortford believe that children are never too young to learn about the benefits of earning their pocket money and the benefits of learning to save early.

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