From their first steps, to their first word, tying their shoelaces and learning to drive – as parents we never stop teaching our children the things they need to know and our kids? Well – they never stop learning from us. Even when you think they aren’t watching!
One lesson that many parents struggle with is money. It’s not an easy subject to cover, and it’s not exactly an interesting one for a six year old…and there’s so much to discuss, from saving to spending, to good money habits, bank and saving accounts, even investments – check out this site for the latest information on investments and pieces that increase in value over time – so, with that in mind we’ve rounded up 4 simple ways to introduce the subject of money. And how to start on the right foot with good spending habits.
Help them to earn some money
One for your older children, it’s a good idea to get them thinking about ways to earn money throughout the year. If your teen has plenty of spare time on their hands then help them find a job! You can help them with their CV and drive them around town so they can drop it off at various shops or restaurants. Or, why not encourage them to be an entrepreneur? It’s much easier for teens to build their own businesses these days. In fact, some of the biggest household names were created when the founders were still in education. Whether it’s selling crafts on Etsy or upcycling old furniture and selling it online!
The danger of credit cards
When your teen turns 18, then they’re going to be bombarded with attractive credit card offers left right and centre. Not to mention payday loan companies! This sort of thing isn’t taught in school, so it’s important for you to step in, when you think the time is right and let them know about credit card debt. If they want to get a credit card then go through the best rates and options available to them. You can always steer them in the right direction.
Avoid impulse buys
“Mum! Can I get this doll please! It’s only £10!” Sound familiar? If your child has pocket money burning a hole in their pocket then it can be too irresistible to resist. So, let them know that if it’s something they want, then they’ll have to pay for it with their own money.
It’s also advisable to let them sleep on it. Rather than purchasing something impulsively. Try to encourage your child to save for something in particular.
You want to spoil your children – every parent does. Which is why pocket money is a difficult subject. If you want to teach your children about money, then it’s advisable to avoid giving them money simply because they exist. But give them commissions for completing household chores instead. This way, they’ll appreciate the money they have earned a little more and understand that money doesn’t just appear in your piggy bank.
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