Start Your Children Saving Young
Teaching your children the value of money is one of the most important lessons you'll give them. It will certainly be one that pays off as your child grows into adulthood as well as one that can help you deal with the unrealistic expectations of childhood.
Every family is unique, and of course some have more disposable cash than others. However, the amount of money you have to spend shouldn't have any bearing on your decision to ensure that your child understands what money is worth and how best for them to keep a handle on their finances for the rest of their lives; from pocket money, to their first pay packet or even their saving bond for their own children when their time comes.
If your child is young enough, a great way to introduce them to money without the risk is by using toy money. Play shops with them, get them used to the idea that money isn't in-exhaustible and that once it's spent it's gone. When you use toy money it doesn't have to be a harsh lesson.
The time when most children get their first experience of what it is like to have real money of their own in when they are given pocket money or an allowance. The advice about when to introduce this to children varies, but as long as the amount of money given to the child is appropriate to the age group, it shouldn't be a problem to start giving even very young children a certain amount regularly and allow them to decide what they do with it.
While many children will at first choose to spend their money quickly on sweets or small toys, if you are strict about ensuring that they aren't given any other money whenever they ask for it, most will begin to see the relation between the money they are given and the things that they want quite quickly.
Once your child is beginning to understand that the money they are given weekly or monthly could be saved up to achieve the bigger things that they want, it's time to think about savings accounts. Many banks help children with the learning process by providing accounts specifically aimed at children and promoting the benefits of saving money.
While the road to understanding money isn't always an easy one for children, after all it's hard when they are still learning about cause and effect!, there are numerous benefits to starting the process young - it only gives them all the more time to hone their skills and build a more stable future for themselves.
Every family is unique, and of course some have more disposable cash than others. However, the amount of money you have to spend shouldn't have any bearing on your decision to ensure that your child understands what money is worth and how best for them to keep a handle on their finances for the rest of their lives; from pocket money, to their first pay packet or even their saving bond for their own children when their time comes.
If your child is young enough, a great way to introduce them to money without the risk is by using toy money. Play shops with them, get them used to the idea that money isn't in-exhaustible and that once it's spent it's gone. When you use toy money it doesn't have to be a harsh lesson.
The time when most children get their first experience of what it is like to have real money of their own in when they are given pocket money or an allowance. The advice about when to introduce this to children varies, but as long as the amount of money given to the child is appropriate to the age group, it shouldn't be a problem to start giving even very young children a certain amount regularly and allow them to decide what they do with it.
While many children will at first choose to spend their money quickly on sweets or small toys, if you are strict about ensuring that they aren't given any other money whenever they ask for it, most will begin to see the relation between the money they are given and the things that they want quite quickly.
Once your child is beginning to understand that the money they are given weekly or monthly could be saved up to achieve the bigger things that they want, it's time to think about savings accounts. Many banks help children with the learning process by providing accounts specifically aimed at children and promoting the benefits of saving money.
While the road to understanding money isn't always an easy one for children, after all it's hard when they are still learning about cause and effect!, there are numerous benefits to starting the process young - it only gives them all the more time to hone their skills and build a more stable future for themselves.
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