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MoneySaving Tips for Newsround’s nine-year-olds

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24

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  • magpie-c13
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    Probably no need to remind all the smart people on this board about this, but you'd be surprised how many people don't know this stuff - Whatever you do, don't recommend that your nine-year-old gets a job (e.g. delivering papers) as it's not legal! For parents of older kids, it's really important that you know the legal ins and outs before your child takes on any kind of paid work. Here are some of the main points:

    - They can't work until they're at least 13, as it's not legal
    - At the age of 13 they can only legally work in certain jobs
    - Over that age there will still be certain jobs they can't legally do
    - There are specific legal rules as to when and for how long kids can work
    - Children need an employment permit to work

    In order to find out about all of this and get the permit, first contact your child's school (for example a guidance teacher, head teacher or the admin department). In most cases they can provide all the info and forms you need, but should this fail, get in touch with your local council.

    Remember, this is about your child's employment rights! Make sure they understand that they have rights at work from the get-go and they should grow into savvy adults.
  • mittenz_2
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    This is more of a question than an idea. I have a 11 yr old and 15 yr old and would like to give them a "money" book for Xmas - there are loads as far as I can see - does anybody know any good ones?
    The 11 yr old is fairly savvy and is buying and selling glow sticks etc, looking after peoples pets, cutting grass etc but the 15 yr old is working p-time and has absolutely no idea!!

    Any suggestions would be fab - thanks
  • Tink16
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    As a teacher of 9yr olds this certainly strikes a chord with me!

    From the numerous conversations I have with my classes I would say the best tips for children are:
    • Save, save, save -if you want it save up for it
    • Look around for the best bargains
    • Prioritise what you want
    • Value what you have or what you are given - so many don't realise that they have hundreds of pounds sat in their bedroom in the form of TV, DVD, game console, iPod etc and they don't use it
    • Not everything costs money - lots of things are free like playing outside (remember that?), spending time with family/friends, go to the library......I could go on.
    Will definately be visiting the Newsround article with my class this week - thanks MSE!

    Ooooh and last thing - parents NEVER use money as a reward for doing things that they should be doing anyway like achieving at school or behaving! If I had a penny for everytime I child told me that they got £5 for a good report/not throwing a wobbly out shopping...................:)
  • MSE_Martin
    MSE_Martin Posts: 8,272 Money Saving Expert
    First Post First Anniversary Combo Breaker
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    If you save £100 now it will be worth £160 when you are 18.
    This is totally misleading. It ignores the erosion of "worth" due to inflation.
    I understand your point and I considered it when I wrote it. My key was to explain interest - of course I could've reduced the returns and introduced the concept of inflation. I also could have mentioned the variable rate issue and changes in interest rate policy. Then again it's 9 year olds, and I decided they were best left until the kids are ten ;)
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
    Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.
    Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 000
  • golddustmedia
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    If you want to buy a magazine or comic your local market or car boot sale will probably have a market trader selling LAST months magazines and comics much cheaper! Since comics don't really go out of date save money by buying your comics one month behind!
  • anias_2
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    We also have a 9 yr old, who thinks money on a card just comes out of nowhere!! One of the (expensive) things we have done is to get the game by Robert Kiyosaki, "Cashflow 101" and we play this as a family. Our 9 yr old came 2nd the first time we played; he took all our advice as to what to buy or sell, etc and based on advice, he played well.

    Robert Kiyosaki has a great series of books, one of which is specifically for kids. We need to find a way of giving our kids the tools and knowledge about money so that they have a choice when they are in the marketplace: eitrher they can work for someone else or they may have learnt enough entrepreneurship as kids (car boots sales, markets, earning money for odd jobs and more) to be able to go into business for themselves.

    Our kids are young consumers today, so we need to help them get good habits about earning and spending money, like we didn't get when we were growing up in the 60's!! Keep the ideas coming, as it's a very important topic.
  • Smiley_Mum
    Smiley_Mum Posts: 3,836 Forumite
    I've been Money Tipped!
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    How much pocket money would you give a 7 year old? I give both of my boys £2.50 a week, and that's only if they do their homework and what's asked of them during the week. Otherwise, it gets reduced. They know what's what regarding bills etc and they don't ask for a lot at birthdays/Christmas etc.
    “Ordinary riches can be stolen, real riches cannot. In your soul are infinitely precious things that cannot be taken from you.” - Oscar Wilde
  • DebtphobicDeirdre
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    Martin why don't you do a series for kids?Little Miss Debt phobic wanted a DS Lite for Xmas but its too expensive so I showed her on your site how to find the best deal and then how to get cashback as well. She was flabbergasted that she could get so much off. However it was still too expensive so we went to alocal second-hand shop and decided to get asecond hand plain DS .I paid with Amex and gave her the cashback. She is also going to sell some of her old toys/books/clothes to get some other things. I am so proud. She has learnt so much sitting by my side Whilst I'm on this site.I just wish every kid could get these skills too!
    earn what you can, save what you can, give what you can :hello:
  • kiwibond
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    I have a 9 year old who loves money. I tried to find an internet acount that she could open and save into. The idea was that if she wanted to save she could give me the cash, and I would tansfer the money into her account. She could then log on and see her money grow. NO! No accounts availble like this, so she puts it into her piggy bank and we get around to saving it once or twice a year when we get into town together.
  • bargain_babe
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    My middle dd (10) loves saving, she has saved her pocket money for over a year. They earn up to £2.50 by doing little chores, keeping their room tidy and so on. It goes down by 50p if they don't keep up their side of the bargain. Every time they collect £10.00 that they have kept, not spent, I give them interest of £1. (10% - not bad, eh!). I know it doesn't seem much but they see each other getting different amounts and it does make them think.

    DD wants a bank account, still not sure which to go for or she wants one of those savings banks - like a mini ATM, to keep her money in. This suits me better - I hardly ever have money in the house and I have to visit 'the bank of Becky' quite often!!!
    If you don't have something nice to say don't bother saying anything at all.
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