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Victoria Sully February 2019 1

Lylia Rose is a UK money blog by Victoria Sully featuring making money online, blogging, working from home, self-employment, staying healthy as a busy work-at-home-mum, side hustles, saving money and family finance tips.

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Kids and cash: teaching little ones about money

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It’s natural to want to wrap our kids up in cotton wool, to give them everything that they’ve ever desired and ensure they want for nothing. However, the problem with this is that they can become spoiled.

With everything handed to you on a plate, you never get to learn about the value of it and so teaching kids about money is really important. Planting the seed for motivation and wanting to work to earn the things they want will be really useful throughout their lives.

Here are some ideas for going about it.

Kids and cash_ teaching little ones about money

Let them earn their own money

The problem with children and money is that they simply don’t understand the value of it. They ask for cash, new toys, technology and more as if it can simply be pulled out of thin air. As a parent, you’ve probably said more than once ‘money doesn’t grow on trees!”

But to help with this concept, you need to allow them to understand that money is earned. Instead of giving them pocket money, assign age- appropriate chores and have them complete them to earn it instead. You’ll probably find they spend much more carefully! When they’re asking you for money you can explain that yours is earned just like theirs is which should give them more understanding.

As your child grows into a teen, encourage them to get a part time job. It can help them to gain independence and see what life will be like in the working world. This involves having to turn up on time, listen to instruction and sometimes do jobs that you don’t really want to do.

Teach them things they won’t learn about in school

We’re lucky enough to live in a part of the world that’s excellent when it comes to the schooling system. Our children leave school being able to read and write, solve complicated maths equations, they learn about science, history, religion and so much more.

However, there’s still a lot that most people leave school not knowing, and finances tend to be one of them.

Teach your kids the things that school hasn’t- from budgeting to taxes to making a will to how credit cards work. You could educate them on what a credit score is, what influences it and why it’s important. These are things that schools often don’t teach.

Put them in control

It’s one thing teaching kids about money but it’s another letting them try it for themselves. Give them control, one way to do this is to let them control the spending money on a day out. Will they stretch it out all day, or blow it in the first place? Either way, it can be an important learning curve for them and a way to practice with money in a real life setting.

Encourage them to save some of their pocket money and have a savings goal for something they really want. Show them how to break down the amount into smaller goals and work out how long it will take them to save. These are all skills that will come useful later in life.

 

Teaching kids the value of money and how to manage it properly is so important.

 

Read more family finance posts here:

How money influences a relationship

6 easy ways to save money as a family

3 easy ways to save more money

Why I won’t use a mortgage adviser again

Why I’m choosing to save an emergency fund before paying off my debt

Save time and money with Look After My Bills

Joint bank account or separate finances for a happy marriage?

How to save money at the supermarket with Shopmium

Why you shouldn’t rely on a state pension

Save money on UK family days out with Kids Pass

Kids and cash_ teaching little ones about money (1)

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