Money Habits

Money and Children
Money and Children
As with most lessons that a child learns from an early age, money skills gained early should stay with them throughout their lives. Regrettably though, and for a variety of reasons, most children receive only the absolute basics of an education about money, savings, wealth, investing and so on. It needn’t be so, and while our government has no intention of educating our youngsters with financial nous (taxes need to be paid, after all), there’s no reason why we can’t. No matter what your own financial situation or background is – even if you’re completely in the red or have never managed to save a penny for yourself - there’s nothing stopping you laying the financial knowledge foundation for your child. It just takes some commitment, perseverance and some basic concepts...

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Giving Your Child an Allowance
Giving Your Child an Allowance
Many families decide that one of the best ways to introduce the concept of money to their children is through a weekly allowance or pocket money. There’s no right or wrong in that decision, every family situation is different so there is no one-size-fits-all way of doing things. Allowances, in their own right, can give a child a degree of independence and responsibility, and from a parent’s perspective it can place a much-needed cap on the amount of money spent each week on non-essentials for the child.

In fact allowances can be a fantastic set of ‘training wheels’ for your child’s financial education and it creates all manner of opportunities to teach them about money and savings...

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Opening your Child's Bank Account

Opening Your Child's Bank Account
As adults, whether we have money in the bank or not, we understand fully the concept of saving and how important it can be to our wellbeing and security. That so many of us don't have good saving habits can, in most cases, be traced back to money habits formed when we were younger. So it's a fair bet that, given the opportunity, most of us would love to go back in time and teach our younger selves how to put a bit of money away for the rainy days that always invariably come...Read More >>

Christmas Planning

Apps to Teach Your Child Financial Literacy
Christmas time can be a real burden on finances at the best of times but with kids becoming ever more sophisticated (and expensive) parents can often find themselves in an impossible financial situation. Not wanting to let their kids down, many parents borrow money to purchase items that they simply cannot afford - putting them into a vicious debt spiral that can be very difficult to get out of...Read More >>

The Rule of Thirds

Great Books for Children to Read
The Rule of Thirds is not only a great way to get children to learn the habit of saving but also serves as a nifty math exercise each and every time your child gets some money. It’s also a great way to show children that small but consistent savings really can add up over time.

The one thing you’ll never need to teach your children is how to spend money – particularly someone else’s. For children and adults alike, spending is easy, saving is hard. That’s because saving is a learned skill and, like most skills, it takes time and repetition....Read More >>