Educating our children

katie4

Hi this may not be the right place to post this, but I am wondering if there are any good websites or books etc or learning resources in which i can teach my childre about everyday money; budgeting, saving, avoiding debt etc?
I really feel this stuff is essential and should be taught in schools!


thanks in advance

Working_Mum

Hi there,
I have always been very open about money with my two children - my son is now 19 and my daughter is almost 17 - they've seen me working a weekly budget and saying "no" to things!! I have a spends book which I write everything down in and balance my cash purse each day.

I have always discussed money, costs etc demonstrated how to save and taken the mystery out of handling money. They had current and savings accounts opened up - access by cash-point cards and online management - I used to transfer their pocket money into their account each Thursday and when they were 16 they got their family allowance to use for clothes and entertainment spends.

Dave Ramsey MAY do a book or YouTube video but I am not sure. I think leading by example has been great for my two - they've navigated spending money, saving for going away etc - my son now has his own car which he pays the tax, MOT and insurance on and I simply pay an AA memberships for him (worried Mum insurance policy haha).

You are so right this stuff should be taught in schools but they've got a lot on to handle so i think it needs to start at home!

((hugs))

WM

jackieblack

Have you already seen Martin's guide?
https://www.moneysavingexpert.com/family/Teenagers-cash-class#

ReadingTim

They don't need to know the theory - they need the practise. This is your job as a parent, not the school's job. So...

Pocket money - don't just buy them stuff, give them pocket money so they can buy to for themselves. Don't give them too much, so they learn they need to save up to buy things, or have to decide what to buy - buying A means you can't have B as well...

Make them save a portion into their own bank accounts, either of their weekly pocket money, or birthday/Christmas money they might get given from other people. Maybe of they're saving up for something big, offer to match their savings as encouragement.

Also, offer to advance them a week or two's pocket money if there's something they really want, or you're going on holiday, but them make sure they don't get it the following week if they do borrow - this means they learn that if they borrow money, the need to pay it back.

Start with small amounts when they're young and go from there - even if it's only £1 a week for a 5 year old to buy sweets...

Gemsy81

What a great post. I have a young son and am determined to teach him how to be good with money so he hopefully doesn!!!8217;t go through some of the things I have.

Mojisola

ReadingTim wrote: »

They don't need to know the theory - they need the practise. This is your job as a parent, not the school's job. So...

Pocket money - don't just buy them stuff, give them pocket money so they can buy to for themselves. Don't give them too much, so they learn they need to save up to buy things, or have to decide what to buy - buying A means you can't have B as well...

Make them save a portion into their own bank accounts, either of their weekly pocket money, or birthday/Christmas money they might get given from other people. Maybe of they're saving up for something big, offer to match their savings as encouragement.

Also, offer to advance them a week or two's pocket money if there's something they really want, or you're going on holiday, but them make sure they don't get it the following week if they do borrow - this means they learn that if they borrow money, the need to pay it back.

Start with small amounts when they're young and go from there - even if it's only £1 a week for a 5 year old to buy sweets...

For bigger items, we also used to put it in terms of hours that would have to be worked by us to earn enough money to buy things.

That also brings home that money doesn't appear out of a machine in the wall - you have to work to put it there first.

wishingthemortgaheaway

In addition to the ideas above, many of which my parents practiced with me and I'm starting to model with my son, there are some teaching resources online called 'my money week' can't remember if there is anything suitable for Home, but might be worth a look.

Karonher

I really feel this stuff is essential and should be taught in schools!


[/QUOTE]

I take it you don't work in schools? Teachers and TA's are already teaching children things that their parents should have taught them - manners, tying shoe laces and other basic dressing issues, using a knife and fork and various other things.

Schools teach them what money is and identifying coins - the year 3's I am with are doing that at the moment - but parents should be teaching them the value of it.

Ilona

As ReadingTim says. Katie, you are the best person to teach your kids about money. There were no manuals, books, leaflets, TV or radio programmes, and no internet to learn about money when I was a kid. My mum showed us her empty purse when she couldn't afford things. She gave us sixpence for sweeties when she had it. She encouraged us to save up for things. She taught us that if we didn't have enough money to buy something we wanted, we couldn't have it. Saying no to children is essential.

Ilona

enthusiasticsaver

I agree that practical lessons are the best way to teach kids about managing money. Reading about it online or in a book does not give them the tools they need to think through financial decisions, avoid emotional spending and learn to budget and save.

How you teach them depends on age. Before the age of 13 we gave our children a piggy bank, they had a bank savings account and a nominal amount of pocket money to cover things like toys, sweets, magazines etc. They also got holiday money. We used to play shops with them and use the usborne maths books to do the various games using money.

When they were thirteen they got a monthly allowance and they were told if they wanted expensive school trips or computer games clothes or shoes (non school related) they had to save some of the allowance. If they ran out we did not sub them so they soon learnt to manage it. We emphasised the budgeting so they could aim to have a goal in mind. We also saved for them towards University, car etc.

Just before University they had access to larger amounts but by then they were used to budgeting. We talked about setting up spreadsheets etc and both of them managed to avoid debt, learn to drive and buy a car and eventually house/flat. They are both pretty good at getting bargains now and saving up for stuff now they are adults. At the moment I talk to them about pension and mortgage overpayments.

wjr4

I've written a blog about this but aimed at teenagers/young adults.