Setting them up for their future – teaching your little ones good spending habits

piggy bank

I don’t know about you, but there have been times in my life when I had plenty of money sitting in my bank account and yet back then, I still thought I was in a monetary pickle.

Fast forward to today and I’m probably worse off and would give anything to have my old bank account worries back! I was never really given or taught any financial advice; you’d think it was something they’d teach in schools…how to manage your money…or…. how to make better choices with your savings…so, instead of allowing your little ones to succumb to the same fate, why not take the reins and start teaching them all about good spending habits now? From investing in a purchase from Golden Eagle Coin to ISA’s, stocks and shares – there are lots of ways you can save and invest. 

Unsure of where to start? Don’t worry, here are 4 super easy tips to get you started. 

Forget those old piggy banks

Many of us had them growing up, and even more of us still have them as adults! But for little ones, there’s something extra exciting about piling your pennies into a bank. However, consider switching out those traditional piggy banks for a clear jar instead. Why? Because then your little one can see how much they are actually saving and watch as the jar gets fuller and fuller. Giving your child a visual aid when it comes to saving will make it even more of a big deal when they finally reach the top of the jar! You could decorate it too!

Try to set a good example

You know kids, they pick up on everything. Especially all those bad habits! So if you’re flashing your bank card every time you go out, or if you and your partner are constantly arguing about your financial situation then they’re going to notice. If you’re going out to run errands, avoid making spur of the moment purchases – even if it’s a harmless pack of sweets. Set a good example. Remember, little eyes are watching you! 

Get them to handle money

Showing your child how much things cost is something that can’t really be taught when you simply tap your plastic on the contactless machine. Holding physical cash, showing your little one how many coins or notes their chosen item will take to purchase and then physically handing the money over to the cashier, is a great life lesson. 

Don’t give an allowance

Many of us give our children an allowance, but it’s arguable that giving them money for simply nothing isn’t really setting a good example. So, consider giving them commissions instead. You can base commissions on the little jobs that they do around the house – and ones that are appropriate to their age. So, tidying up the shoes in the hallway, helping you put the shopping away, helping your empty the washing machine – these are all chores you can pay them a commission for. This will help them to understand that money has to be earned! 

Leave a Reply

Your email address will not be published. Required fields are marked *

CommentLuv badge

This site uses Akismet to reduce spam. Learn how your comment data is processed.