We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

MoneySaving Tips for Newsround’s nine-year-olds

Options
13

Comments

  • russianlinesman
    Options
    - "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"

    OK, I agree about not rewarding not throwing a wobbly, but there is nothing wrong with rewarding a good report. I won't go off one one about teachers ignoring the sensible achievers in their classes and concentrating on borderline kids and troublemakers, but your child does well at anything, you are allowed to reward them. Shouting at them for bad reports and ignoring good reports is bad parenting.

    To the subject matter - we have a system of reward points with our children. We call them Sylvanian Points as they wanted to buy Sylvanian Families at first. Each Point is worth 50p and they are awarded them for various achievements (you decide). They look through the Argos catalogue, in shops and so on and see what they can afford with what they have up until now, and decide whether to spend the Points they have or save them for something bigger. The children, 8 and 6, discuss this together, and have learned a good deal from it. The points chart is kept on the fridge so can be added to easily, rather than trying to remember to hand out pocket money every week, when we only go and spend it maybe once a month.

    I would explain ebay to your children. Most of the 8-year olds in my older one's class already understand ebay, and don't have the obsession with 'new' that we used to, eg. they have no inbuilt preference for buying new games, Cds, DVDs etc. I would add that to Martin's try-it tip.
  • ailuro2
    ailuro2 Posts: 7,540 Forumite
    First Anniversary Combo Breaker
    Options
    Teach them to use their parents to shop around on the internet for a good deal,(9 is a bit young to do it themselves,but they can do it with assistance-my dd is 8 and does it) and to find special offers on the polly pocket/NDS game they want- sometimes they find their 40pound birthday money going a lot further than just one polly pocket set or game when you find Woolworths/Argos or ToysRus have a special offer on the one you want for a fiver- which means you still have 35 pounds left to go into the savings account to save for the big thing you want.:D

    Savvy parents will go through Quidco and recoup a few quid on the cost of the birthday cake:D
    Member of the first Mortgage Free in 3 challenge, no.19
    Balance 19th April '07 = minus £27,640
    Balance 1st November '09 = mortgage paid off with £1903 left over. Title deeds are now ours.
  • anne99
    anne99 Posts: 61 Forumite
    First Anniversary Combo Breaker
    Options
    I bounced this off my teenagers, who can still just about remember being nine years old. Fom their pinacles of wisdom and experience they thought the two most important lessons were:

    Just because you have money, doesn't mean you have to spend it.

    and

    Open a bank account with a passbook that lets you see how much money you've got. The interest added isn't much, and only gets added once or twice a year, so to see your money grow at a decent speed you've got to save money and bank it.

    Also,

    Don't buy newly released video games. Buy ones that are still on sale a year after release - if it's stood the test of time, it's probably good, and almost certainly the price will have dropped.
  • full-time-mum
    Options
    I think that this site should be compulsary reading for anyone teaching children (and adults for that matter) about money, debt and business management.

    I'm lucky in as far as I was brought up with in the "if you don't have the money, you can't have it" culture so I have never been in a position where I have huge debt. However, as a full-time-mum, we are living off a single wage so money is tight and this site has been invaluable.

    I often read the DFW threads and they sometimes reduce me to tears. It also inspires me as people are so resourceful and the MSE users are so helpful and compassionate to what are, after all, complete strangers.

    Maybe, if teenagers were made to read some of these personal experiences and see where debt can end up, it might help to focus their minds. (well we can live in hope anyway!)
    7 Angel Bears for LovingHands Autumn Challenge. 10 KYSTGYSES. 3 and 3/4 (ran out of wool) small blanket/large square, 2 premie blankets, 2 Angel Claire Bodywarmers
  • furndire
    furndire Posts: 7,308 Forumite
    First Post First Anniversary Combo Breaker
    Options
    I have a nine year old grand daughter who has an awful habit of looking at stuff and saying very loudly "HOW MUCH, that's expensive!!!!!!!!!" She spends her money - coins and stuff we put in a see through money box, and is very reluctant to spend, as the money is real. I think we have got her on the right track.
    She is absolutely hopeless at adding up numbers per say, but can add her money up fine.
  • ayla261
    ayla261 Posts: 450 Forumite
    Options
    Hi all, mine are 7 so bit younger than the age we're talking about but they get £1 a week pocket money and can earn 20p here or there round the house over the week, they spend their money on sticker packs at 30p a pop and know that if they do well at school they get a bonus (we sometimes give them small bits we've got cheap off ebay)
    The tooth fairy has been bringing lots of extra £1 coins lately which they've carefully spent half and saved half in their pigsback piggy banks (they had to colour in pictures and send in to win)
    They always see mummy on computer and know that you can get bargains thru searching, and they also know ebays a great place to get ideas for santa
    We set them up accounts at nationwide as they offer really good interest rate, which all birthday/xmas money goes, this all gets saved as their holiday spending money
    Sorry if i went a bit off track but just read thru and am well proud of them, fingers crossed learning things like this young will be a valuable life lesson :T
    This time next year Rodney... :D
  • lustydog
    lustydog Posts: 37 Forumite
    Options
    Money generally burns a hole in the pockets of most kids,and the only way to teach them to be thrifty is the Chinese water torture way. Drip drip drip ad nauseum with snippets of information until they get the message.
    It really helps if your on top of your own game, and with a trillion pounds of personal debt, kids may be a bit sceptical about our qualification to advise them. Good luck though
  • gillywilly_2
    Options
    Smiley_Mum wrote:
    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.

    My 7 year old gets a comparatively paltry £1.05 per week - 15p per day (I'm a lone parent in receipt of benefits and that's all I can afford). The pocket money is supposed to represent 'jobs' that I expect her to do at this age: get herself dressed, hair and teeth brushed, bed made (hmmm - we keep 'forgetting' that one...).

    If she does these most of the time without a fuss then she gets the money at the end of the week. On the odd occasion, when she's thrown a hissy fit, the money gets docked (up to the maximum daily rate of 15p).

    In all honesty, I don't know that giving her much more, even if I could afford it, would benefit her particularly, as she's still inclined to say, 'Can I take my purse? Can I buy something?' regardless of whether there's anything she specifically wants (I can very much relate to that one!).

    One thing that has helped is that we now keep a chart of all the things she's bought, whether on a whim, or saved up for (and she has managed to save for things, even on £1.05 per week, though the addition of birthday or Christmas money helps). Alongside that, it says how much it cost. She's easily able to see where her money has gone and, more to the point, she realises much of the time that she'd really rather have kept the money than spend it on an item she no longer values. Slowly, slowly, she's getting there.
    Smile and be happy, things can usually get worse!
  • gillywilly_2
    Options
    ailuro2 wrote:
    Teach them to use their parents to shop around on the internet for a good deal

    Or use Kelkoo's price reduction alert. My two neices were after Winks Club dolls (groan) last Christmas: I looked on Kelkoo for the cheapest price and, without thinking about it much, ticked a box it had asking 'Do you want to be emailed if price is lowered?' (or something of that ilk). Completely forgot about it; neices got there (cheapest) full price Winks Club dolls - then out of the blue Kelkoo alerted me to half-price dolls in Argos (£7 instead of £14). So my little one (who'd been nagging me for one ever since her cousins had got there ones) was able to buy one herself with her saved-up pocket money.
    Smile and be happy, things can usually get worse!
  • full-time-mum
    Options
    ayla261 wrote:
    The tooth fairy has been bringing lots of extra £1 coins lately which they've carefully spent half and saved half in their pigsback piggy banks (they had to colour in pictures and send in to win)

    Gosh, your tooth fairy is much more generous than ours :-D
    7 Angel Bears for LovingHands Autumn Challenge. 10 KYSTGYSES. 3 and 3/4 (ran out of wool) small blanket/large square, 2 premie blankets, 2 Angel Claire Bodywarmers
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 344.8K Banking & Borrowing
  • 250.6K Reduce Debt & Boost Income
  • 450.5K Spending & Discounts
  • 236.9K Work, Benefits & Business
  • 610.9K Mortgages, Homes & Bills
  • 173.9K Life & Family
  • 249.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards