Money supermarket are looking for tips and advice from real parents as to how best to educate children about saving.
It is important to educate children about money and to instil good saving habits from an early age.
All three of my children have bank accounts of which were open when they were newborns, obviously the youngest only being 15 months doesn’t understand about money and what it’s used for he just thinks its good to empty mummy’s purse and then hide the notes in the smallest of places and play with the coins. Jak 10 and Joseph 5 both have money boxes and wallets, when they are given money which they only receive for doing jobs and being helpful they put some in their money box and some into their wallets. The money in their wallets they save up for something that want and the money in the money boxes gets put into their bank accounts. Most of the time though they get to a certain amount in their wallets and try decide to put it into their accounts.
My boys have recently being doing some modelling jobs and have received some money for doing them, I always tell them how much they have earned and when the cheques arrive we all go to the bank together so they know that it is going into their bank. They like to keep on top of the amount they have saved up so as their accounts are linked to my one, I log on to my online account and we all have a look at the amount that they have saved. It’s a good idea when thy are putting money into their accounts to make a note of how much they had before because then they will see the difference in the end amount.
When the boys save up their pennies they also take them to the bank in money bags which they help count up with me, they really enjoy doing this and are happy to be putting their money into the bank as they know that saving money is important for their future. Jak says that he is saving to go to University (bless him) as he wants to go to Cambridge and Joseph says he wants to buy the rarest Moshi monster there is around he thinks that it will cost a thousand pounds. 🙂
My children do not receive pocket money but what they do get is money for jobs that they do
So my tips on encouraging children to save are:-
Save their pennies in a money box
Give them jobs and when they have finished them pay them
When giving money as a present always give them a cheque and not cash as this way it will always end up in their bank account
Make trips together to the bank when depositing money so they can put their own money in themselves
Using money as maths problems with them teaches them the value of things for example: I tell the boys that if thy have 10p how many sweets priced at 2p can they get?
Count their savings together so they always know how much they have got
Show them their online account and explain to them what credit and debit is, also show them their final balance
http://www.moneysupermarket.com/savings/superkid-savers/ for more details and pick up some more tips and advice on the best way to educate your child about saving.
I’m entering this post into moneysupermarket superkids savers competition