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Teaching your Child about the importance of money

It's never too early to teach your kids about money. What's more, the sooner you can make your offspring familiar with all things financial, the better prepared they should be for managing their own cash as they grow up.

As the saying goes, 'money makes the world go round'. But despite this, money management is still not a subject widely taught in schools. In other words, it's over to you - the parent - to provide your kids with all the basics about how the pounds and pennies work.

So, here are a few ideas from Gregory Pennington who placed this article, on how to help your children get to grips with money.

For little ones…

Toddlers and young kids tend to have a natural curiosity for all things new, so why not make them familiar with money at an early age by:

  •       Getting together various coins and making traces of them with wax crayons. It'll introduce your kids to the look and feel of   different coins and teach them to recognise the different types.

  •       Buying them a piggy bank. Whenever they get money for their birthday or special occasions, teach them the value of setting some aside - so they can watch their savings pot grow over time.

  •      Giving them pocket money. This can help them to see how money actually works - and what it's worth - in the 'real world', and could be a great way of introducing them to budgeting.

For older kids…

Once your kids are a bit older, you can start giving them a bit more financial responsibility - and let them learn by doing rather than just showing.

  •       Why not take them to open their first bank account. It's a big financial milestone - and kids can open a current account with parental consent at the age of 11.

  • ·    Get them to do household chores in return for cash. Teaching kids the importance and pride of earning their own money is crucial - and can start with something as simple as washing the dishes or cleaning the bathroom for a bit of money.

  •       Highlight the importance of financial goals. Help your kids steer clear of debt by encouraging them to save up for the things they want - whether that's a pair of trainers or a new bike.

These are just a few ideas to get you thinking, but be sure not to forget how valuable some lifelong money knowledge could be - whatever way you teach them

 

 

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