Teaching kids about Saving money

I know a lot of people say that money doesn’t buy love, and is a false of all evil, but we need to have it to pay bills, clean our kids clothes and feeding our kids, so it is important to have money and to help our kids learn about it too.

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This means teaching them how to shop, save, bank accounts and debit and credit cards. To begin with start with change and then build it up. I am going to begin giving Henry a monthly allowance now he is more aware of it, and put some more money into his bank account, which is a junior ISA and he is not allowed to use the money until he is 18.

I would advise as soon as they are born to do this. I want to invest in my son’s future, and him not being dependent to anyone and want him to independently with money and be sensible when it comes to investments.

Have them count change, I have a jar of change and so going to get his money box to count out how much money he has got.

My son the other day asked if he could swipe my card, when we were out shopping, but I was a bit hesitant about that. Next time though I will have him help, and show him ways we can save, like looking for items we need when shopping and how can we make our shop budget friendly. Have them learn about prices and what is a good purchase and what is not.

Play shops at home. Henry has a pretend till and for his birthday I’d like to get him some set of pretend shopping items to use with his till. However, because he is 9 this may be a bit to young for him, but would like to invest in items that will help with his development. This for me, is the time to teach when they begin to pay an interest and Henry is.

I want him to be good with saving and investing. I want him to budget and pay attention to the costs of items. This means teaching them to turn lights off when a room in the home is not being used, and keep the heat in at home. Be sensible about cooking and saving money on Utilities. It will help no end and allow them to play with money. I want to save his change because as far as I am concerned every penny does count.

So let get our kids ready for the big wide world and have fun with it. Play some games around money, like shops and I used to have a toy post office, which taught me the price of stamps and posting packages. Have them count the money we have saved and what we have purchased.

Teach kids about sales and when it is not a good sale, and if they are really making a saving or not.

It all benefits so lets make our kids be good with money so it lessons the worry ourselves.

Many thanks for reading,

Carrie X

Typical London Gal