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Family Finances: How To Teach Your Kids To Manage Money

Money Lessons Every Kid Needs To Know

When you’re growing up, one of the most important skills you can learn is how to manage money effectively. If you’re used to keeping an eye on how much you spend as a teenager, this will stand you in good stead for adulthood.

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If you have children over the age of 10 years old, it’s a good idea to start encouraging them to take an interest in saving and learn how to keep track of spending. Here are some simple tips that could prove useful.

 

Kids And Earning Money

How many times when were you little did you hear your parents telling you that money doesn’t grow on trees? Although, as a child, hearing this phrase over and over again can become boring, there’s an important message behind it. It’s essential that kids learn that money is earned from an early age.

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Explain how the world of work operates, and encourage your children to take an interest in earning a bit of pocket money to boost their savings balance. Offer them the option to earn a little bit of cash here and there for doing jobs like tidying their room, helping out in the garden or hanging out the laundry, for example. The sooner they connect work with monetary rewards, the better.

 

Managing spending

It can be a daunting prospect for parents to let their kids out into the world with their first debit card. If kids don’t know much about spending and saving, there’s every chance that they’ll want to spend the lot in one go, such is the excitement of having access to a bank account.

 

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As a parent, it’s reassuring to know that you take control of your child’s spending habits using innovative services and apps. If you read a Go Henry review online, you can find out about the features this app offers, which enable you to monitor your child’s activity, add or take away from their balance and stop their card instantly if it is lost or stolen. Even if your children are really responsible, using apps like this can give you peace of mind.

 

 

 

Encouraging saving

Learning how to save is a really valuable lesson. If your child asks for something for their birthday or Christmas, help them to save towards it. If they want a new console, for example, this could cost hundreds, and it’s important for kids to learn that if you want something, there may be instances where you can’t just rely on your parents buying it for you.

 

If you’re putting money towards the console, help your kids put that money aside and start building the total. You can encourage them to save any other monetary gifts they have and work towards increasing the balance. You can do this by helping them to put money that they’ve earned into their bank account or even using a simple jar or money box to collect pocket money.

 

Learning how to manage your money is really important, and the sooner children get used to making decisions that affect their finances, the better. It’s helpful to talk to kids about spending and saving and to encourage them to make an effort to get a bit of extra pocket money or work harder at school to try and hit that savings target.

 

As parents, there are lots of different ways you can encourage and support your kids, as well as using apps and traditional techniques to monitor your child’s spending habits.

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