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  • FIRST POST
    • vadao
    • By vadao 14th Jun 17, 11:12 AM
    • 1Posts
    • 0Thanks
    vadao
    Saving our young generation
    • #1
    • 14th Jun 17, 11:12 AM
    Saving our young generation 14th Jun 17 at 11:12 AM
    should I teach my child the importance of saving as early as 4years? or should I wait for the child to be a little bit older, I think the earlier the better.
Page 1
    • Marie90
    • By Marie90 22nd Jun 17, 11:14 AM
    • 7 Posts
    • 1 Thanks
    Marie90
    • #2
    • 22nd Jun 17, 11:14 AM
    • #2
    • 22nd Jun 17, 11:14 AM
    I think child should have true childhood without any serious adult problems. The child should be a bit older to be taught that.
    • olgemama
    • By olgemama 6th Jul 17, 2:10 PM
    • 5 Posts
    • 41 Thanks
    olgemama
    • #3
    • 6th Jul 17, 2:10 PM
    • #3
    • 6th Jul 17, 2:10 PM
    I think 4 is a bit young to have too much worry about savings.

    I can't remember what age mine were when I started pocket money with them - maybe 6/7
    They had £2 a week, and could choose what to do with it. I didn't buy them comics/magazines or toys or treats on a weekly basis like some of their friends got.

    So if they really wanted something they had to save.
    • thorsoak
    • By thorsoak 6th Jul 17, 8:39 PM
    • 5,407 Posts
    • 24,680 Thanks
    thorsoak
    • #4
    • 6th Jul 17, 8:39 PM
    • #4
    • 6th Jul 17, 8:39 PM
    When I started school (way back in 1949) I was give a sixpenny bit (equivalent to 2.5 np) to get a savings stamp( I.B RedGuy's Fine Stamps - The Revenue Stamp Specialist Cinderella Stamp Archive National Savings Stamps (17) 6d Royal Blue (1944)) which was put in a book . After a certain amount of time (can't remember when) it was transferred into my National Savings Book! Kept on paying my 6d every week whilst at Infant/Junior School and in fact kept my NSavings account well into the late 1960s when I paid my maternity benefit (of £4 per week as I remember).
    • Spendless
    • By Spendless 8th Jul 17, 6:59 AM
    • 19,397 Posts
    • 31,382 Thanks
    Spendless
    • #5
    • 8th Jul 17, 6:59 AM
    • #5
    • 8th Jul 17, 6:59 AM
    I tried pocket money with mine when younger, but until they were old enough to go to the shops alone, it all became a bit meaningless.
    • DigForVictory
    • By DigForVictory 8th Jul 17, 9:21 AM
    • 6,870 Posts
    • 18,275 Thanks
    DigForVictory
    • #6
    • 8th Jul 17, 9:21 AM
    • #6
    • 8th Jul 17, 9:21 AM
    By all means play shops with them, mostly to improve their understanding of what they see most days but are too small to be included in. Explain that if you only have one pound but a bag of spuds & a bag of carrots come to £1.10 you can't have both (at home - doing this live in the supermarket does get some Very Odd Looks!) but if you buy a smaller bag of either you Can have both.

    Don't start on the saving until the budget idea is solid. Then phase in real money when you're both ready & can afford it. If that doesn't pan out, you can keep it in the game & keep teaching. Markups, brands, loans - it's all doable, but takes time.
    All the best!
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