The new year is the perfect time to take a fresh look at your finances. Bring your kids along for the ride and make learning about money simple and fun with these easy tips
, parents and kids can work together to agree tasks and behaviours to help educate them on the value of earning money. Whatever task you want to incentivise, parents can boost their child’s money with just a tap. Which leads us on to…Getting their own money regularly is really important for building good financial skills. Younger children may be getting used to receiving a couple of pounds in cash on holiday or for their birthday.
This is when it can be helpful, if you haven’t already, to introduce the concept of ‘needs’ versus ‘wants’. The beauty of this is that it applies equally to the parent as to the child, so there’s no need for kids to feel like they’re being singled out. From a parent’s perspective, ‘needs’ are things like food, accommodation and transport. It’s even possible that some children won’t realise things like this have to be paid for – so it’s a good opportunity to make that point.
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