Our top tips for teaching your children the value of money — plus win £15,000 in our raffle
From giving them a payday to encouraging them to save, there's many ways to ensure that your kid goes into become a money-savvy adult
THE cost of keeping the kids entertained during the holidays soon adds up.
But it would be even higher if the children were left in charge of the finances. Research from Halifax found that kids are way off the mark when it comes to the costs of everyday life.
Most think a loaf of bread costs £15 and that a pint of milk will set their parents back £17.
To help make your kids more money-savvy, we spoke to Northamptonshire-based father-of-two Garry Clement-Boggis, 56, from online price-tracking tool PIWoP. Here are his tips.
- Give them a payday. An allowance of £2-3 a week is enough to get kids used to the responsibility of managing their own finances. Pay them on a set day, so they know when to expect it and have to plan ahead to make it last. Garry says: “Consider asking your children to complete chores in exchange for the money as this will teach them that money must be earned. For example, pay them £1 an hour for cleaning the car, or 50p for washing and drying the dishes.”
- Encourage them to save. Piggy banks are a child’s version of a bank account. Giving them their pocket money in cash rather than paying it into an account will allow them to grasp the concept of money effectively. Garry adds: “It will also let them physically see how much money they have accumulated, and encourage them to set saving goals for more expensive toys and treats.”
- Let them make mistakes. A child in a toy shop is going to buy as much as they can, especially if it is the first time they’ve been responsible for their own money. Garry says: “If they’ve saved up £20 and want to spend it on a toy they’ll only play with once, let them. They’ll soon realise the value of money when the toy gives just ten minutes of play and they have to save up for another month again.”
- Make it fun. Turn money-saving into a game to keep them engaged. Garry says: “In the supermarket, set your children tasks to help them learn practical spending, such as finding the cheapest milk. Ask them to weigh a bunch of bananas and compare the price to the packaged version. Or ask them to head to the yellow-sticker aisle and find a family dinner for less than a quid.”
- Go bargain hunting. Trips to charity shops and car boot sales can be a fun way of showing kids they don’t always need to have the newest and latest items. Garry says: “They’ll see their money can go a lot further when they find bargains and discounts, rather than paying full-price”
- ALL prices on this page are correct at time of going to press. Deals and offers subject to availability.
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