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Family Finance For Your Children


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Get the kids saving from a young age and encourage financial awareness:

  1. Establish a savings account and plan for your child

    2. Every child should have his or her own savings account, where feasible, even if it is simply a lowly piggy bank. Whether of not your child receives pocket money or has a part-time job, get them to make a savings plan. Parents could even encourage their child to donate a percentage of their savings to charity, thus encouraging an awareness of helping others. Get them to set long and short-term savings goals, such as saving for school and university as a long-term goal, and clothes, toys and music for short-term goals.

  2. Hold a bill paying night

    3. This is an effective way to show your school-age children where your money goes, in addition to spending quality family time together.
    1. Assemble list of monthly/weekly expenses and their amounts
    2. Write out the expenses and their amounts on separate bits of paper
    3. Add up monthly income and use pretend money
    4. Take the expense slips and give them to your children
    5. Let your children approach you and “collect their bill” one expense at a time – this provides a superb visual representation of how quickly income can disappear
    6. Create a family plan and put it into action, post a reminder on the fridge or some other obvious place – involving them to think creatively about solutions as much as possible

  3. Encourage them to work

    4. Even young children are capable of undertaking simple tasks around the house and garden to earn money and save for things they want.
    Teenagers should be encouraged to get a job where possible.
    Working also helps children to understand that learning comes at a cost and improves their self-esteem, allowing them to take satisfaction from their efforts.

  4. Open a savings account for your child

    5. Teach them about deposits and withdrawals.

  5. Keep a family savings fund

    6. Save as a family for large expenses like holidays. Track your success and achievement of goals with a chart and set up a jar or box in which to keep the money. Establish a family rule that money can only leave the jar/box when all family members are present.

  6. Establish limits on spending

    7. Establish spending limits for items such as clothes and entertainment, set expectations in terms of cost, but always allow your child to make up their own mind if they want something more expensive.
    Encourage them to think about how they buy something, such as maintaining an awareness of special offers, discounts and sales etc

  7. Take your child on the weekly food shop

    8. If your child is able to use a calculator, they can help you shop. Allow your child a set amount that would typically cover the weekly shop. Give them the freedom to compare food labels and prices and choose the best value for money.
If you have any additional suggestions on how to build financial awareness in your children please email: info@moneynet.co.uk



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