So how do you help your children become money savvy? Even from a young age, knowing the cost and value of things is really important. Even down to the simplest concept that you don’t want your children to wilfully break or damage toys or household items, because they cost money and can’t be replaced by magic. There are some great ideas and activities on The Money Advice Service to help your child learn about money.
If Victoria and David think that Brooklyn should learn the value of money, by getting a Saturday job in a coffee shop, then that’s one celebrity couple I’ll take parenting inspiration from. I’ve always encouraged my children to save for things they want, using birthday money and pocket money, but also have a long term savings goal. As soon as my eldest daughter was 16 she had part time jobs and has pretty much paid for her holidays with the girls in the last couple of years from her own pocket. I can’t believe that she is now 19 and starting University in September. Those early savings plans have really paid off for us and we have been able to cushion the cost of University and given our daughter a bit of breathing space. She can concentrate on studies and doesn’t have to work two jobs to pay for it. (Just the one to keep Top Shop in business).
Have you thought about future proofing your child’s tomorrow? I’m so glad we started saving early on, and with a five and ten year old who may want to tread the university path, we’re not able to blow the savings pot on sports cars and holidays. You may want to take a look at some of the Savings options with Santander. Experts say that children learn most of their money habits from parents, so hopefully I’ve done enough to set a good example.
Do you have any family traditions around savings or money education? One of my childhood favourite memories was filling the huge whisky jar up with coins. We would all sit round and count the coins and bag them up. We still do this with our children, sadly we have to make do with a large money box as I’ve never found out where you can buy huge whisky bottles from.
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