8 July 2019
How to teach children the benefits of saving…
In an age of cashless payments and a million things to spend that cash on, it’s even more important that we teach our children good money habits from a young age.
And it’s never too early to get them started. At every stage, there are things we can do to help teach our little ones…
Ages 0-3: Counting
Teach your little ones to count to ten by talking through your everyday tasks. Making scrambled eggs? Count each egg as they go in the pan. Putting toys back in the box? Count them as you do it. Before you know it, you’ll have a mini counting companion.
Age 4-5: Talk about money
Money isn’t a bad word, so don’t be afraid to use it in front of your children. It’s a great way of helping kids realise money is a hot topic and something they’ll be talking about in the future.
Age 6: Let them handle money
When you’re buying coffee or snacks, give your child the money to pass to the cashier for you. This will help them realise that before you get something, there’s always a monetary transaction first.
Age 7: Chores for pocket money
From seven onwards, kids need to know that money doesn’t grow on trees! Show them how they can earn some spare cash around the home by doing simple tasks – washing up, tidying their room and brushing the dog. They’ll soon see their savings grow and be keen to do more.
Age 8: Open a savings account with them
Now your child’s making some money from all those chores, it’s time to think about opening a savings account – it gives them somewhere safe to put all that hard-earned cash. Take them into your local Principality Building Society branch, where our branch staff will happily walk you through the process.
Age 9-10: Give them choices
Help your kids realise that they can’t get everything they want. For example, if they want to buy two books, only give them enough money to buy one. This is a crucial lesson in prioritising and one that will prove valuable in adult life.
If you’ve tried these tips or have any to add, we’d love to know. Get in contact with us on Facebook, Twitter and Instagram.
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