20 hours ago
Five ways to teach kids how to budget & value money this summer
WITH the school holidays looming, now is the time to educate your kids about budgeting.
From pocket money management to summer challenges, here are lots of ways to teach your children the basics, all while making it fun . . .
CASH CHATS: Get used to having regular conversations about money.
If you have a budget, get them involved.
Explain why you save or spend.
The more you talk about fiances, the more they will think about its value and how far it goes.
SHOPPING TIPS: 'When I go food shopping, I take my kids and give them a budget in cash,' says Maddy Alexander Grout, author of Mad About Money, who has recently written a book for kids called That's My Money.
'I get them to compare prices, brands and deals, so they can learn about the difference it can make. It means shopping is a fun experience and they know the cost of what they like to eat and how that will eat into our food budget.'
EARN AND LEARN: Pocket money can teach kids how to manage their own cash.
school.
Try the tip of getting kids to divide up pocket money into three jars weekly — one for spending, one for saving towards something big and one for giving to a good cause.
WANTS VS NEEDS: 'Explain that they need uniforms and food, but toys are wants,' says Maddy.
'I make my kids wait 24 hours if they want something so they have time to think about how it affects their pocket-money budget.
'But I also let them make mistakes as it's important for kids to learn that spending their money all at once means there's none left at the end of the month.'
SET A CHALLENGE: Hand over the reins to your kids for a day out.
Agree a total sum and make them plan how to use it.
You can also give your children tips of what to include, such as bus or train fares, entry tickets and food, and make sure they are the ones to hand over the cash.
All prices on page correct at time of going to press. Deals and offers subject to availability.
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