Help your children to learn how to work with money from an early age by teaching them simple values and strategies which will prove fundamental later on in life. Getting your children involved in helping around the house with tasks, not only serves in other fundamental life lessons but also teaches them that by helping mum and dad around the house, is a normal part of life. They are also able to earn an allowance that gives them some freedom and flexibility in what they would like to buy.


Teaching your children the value in waiting patiently for something that they would absolutely adore and appreciate, is a great start to teaching your children that it takes time and hard work to earn money, and equally it takes patience and perseverance to continue to save for something that they would value dearly.


Firstly, teach your children to put money away into their personal savings each month. For example (this amount may differ depending on age, budget etc.), your children earn an allowance of £10 per week. Encourage your children to save 50% of their allowance, which should ideally go into their personal bank account. A direct debit can be set up where £5 is transferred directly each week or once a month. Alternatively, you can personally take your children to the bank and help them to deposit their personal savings each month. This way you are including them in the process, which makes it more real for them.


The remaining money may be spent on something that they would like. For example, instead of buying something from the local shop every week, encourage your children to rather save for something that is of greater worth, and will take time to reach their goal, but very rewarding in the end.


For example, let’s say your child will need to save £30 pounds in order to buy something that they would really value. After having saved money that goes into their personal bank account, they have £5 left each week. Therefore, for 6 weeks your child’s goal is to save £5 per week. Help your child by drawing up a graph with their favourite theme e.g. flowers, butterflies, bugs and spiders etc., and make a graph that covers a 6 week period. Your children will look forward to ticking off each new week and will value the reward far greater than using their money every week. Spend a few minutes’ helping your child work out how much is still needed and how many weeks they have left etc.


Finally, when the day arrives, make it a fun family outing. Celebrate their patience and perseverance by spending a couple of hours buying their much-deserved reward, and enjoying a family outing to the local ice cream shop, or for a delicious hot chocolate.

Teaching Fundamental Life Lessons Are Invaluable!



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