That'll teach them

SingleSue

I already teach my children the value of money, not sure if it is to do with not having much to start off with or down to the parenting I received as a child but they do know not to be wasteful or live a life on credit.

My ex hubby however, called me stingy (was going to put tight but then thought of all the rude jokes that could come out of that!), as I would never allow him to buy the latest games system, clothes etc...and we were both earning very good money at the time!

baby_boomer

I tell mine that credit cards are a tool of the devil, invented by bankers to get people into debt & make it harder to make and stick to an old fashioned monthly budget.

I doubt any of it goes in, though .

Ian_Griffiths_Halifax

I tell mine to run up as much debt as possible in as short a time as possible, then declare your self bankrupt. The trappings of this lifestyle are such that every few years you get a brand new sofa, tv, clothes, fridge freezer, dvd, latest tv games, and you get some lovely holidays.

thriftybabe

My children are given pocket money if they do jobs around the house. They also save their pocket every week and when it comes to school holidays they take it out and pick a toy that they would like. They are only 6 and 4 and only get £1 but I am trying to teach them value early. Not sure if this is too young but I thought the earlier they learn the better.

Ian_Griffiths_Halifax

I don't give my kids any pocket money. They are 7 and 4 and I buy them both a pack of 20 Regal and a 2 Litre bottle of White Lightning on a Monday and tell them that's all they are getting. This way they learn about budgeting and if they run out mid week it's their own fault.

Dan:_4

I would say it's best to drum in financial management from an earliest age as possible. As soon as they turn 18 the banks will be throwing credit at them - and for many it's just too easy to get into debt upto your eyeballs.

Cleaver

chris_spackman wrote: »

Rminds me of a news story a while back on South Today.

It was about the price of beer etc in the current climate and there was a table of four, 2 'Ladies' 2 children and a 'Gentleman sat in a known cheap Pub eating and sipping a few drinks. The lady was drinking Wicked, the toddler had a juice of some sort and when the 'Gentleman' had his 2 mins of fame his comments where ' I lost my job last week, you know what i mean, thats why i'm on the £1 bottles of San Miguel innit, know what i mean' and the 'Lady' said 'yeah we gotta watch what we spend now and where we spend it, know what i mean. The other lady didn't say much, had her mouth full...doubt thats nothing new.

If you're thinking of a career in public speaking, teaching or the after-dinner curcuit then I'd possibly have that particular anecdote on your reserve list. Or pep it up with a knob gag.

slipthru

Marcheline wrote: »

Lukekelly, I agree with you: if schools were teaching their pupils correctly in the core subjects, there would be no need for extra tuition in 'finance'. However, schools nowdays are too busy to concentrate on maths, as they are tutoring kids in lessons and the like.

What are these 'citizenship' lessons you talk of?

Cleaver

baby_boomer wrote: »

I tell mine that credit cards are a tool of the devil, invented by bankers to get people into debt & make it harder to make and stick to an old fashioned monthly budget.

I doubt any of it goes in, though .

My Amex card will give me around £400 at the end of the year through cashback and with just a simple direct debit set up via one phone call, they won't get a penny off me in interest. Credit cards are great: insurance on purchases, some offer you commission free currency abroad, rewards, cashback, security if you suddenly find yourselves stuck somewhere and need to buy your way out of the situation, store cards giving your 20% off for signing up and many other advantages.

You just need to know how to use them, so maybe you should teach your kids that?

lostinrates

I wish I'd had finance lessons. I can't find any at adult ed. My financial reasoning has always been a simple earn more than you spend type, and I lack confidence with my judgment in anything with rates and commision.