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Money saving

Saving with kids: How you can make budgeting fun

Posted 28 August 2016 by Emily Bancroft

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Managing money doesn’t need to be mundane – make sure your kids know how to handle the purse strings. Saving with kids: How you can make budgeting fun

If you’re a parent, it’s only natural to want to give your kids the best possible start in life. Whether that’s teaching them how to ride a bike, taking them to their first swimming lessons or encouraging them to work hard at school, you’re with them every step of the way.

But what about teaching them how to manage their money? How can you make sure they’ve got all the tools they need to keep control of their finances?

Let’s take a look at how you can make budgeting fun when you’re saving money with your kids.

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Why it’s important

Kids in the UK now learn about how to manage their money at school as part of maths and citizenship classes at secondary school. This is certainly a step in the right direction but there’s still no formal financial education for primary school children. So by the time your child turns 11, they won’t have learned about money at all – unless you teach them yourself.

You might think it’s not really that important for younger kids to have any financial education. After all, they won’t have to manage any budgets until they get older and surely it’s more important that they get time to play while they have the chance?

While this might be true, it’s a good idea to get your little ones learning about pounds and pence as early as possible. This will help them develop good money management as a habit and make it easier to keep this up when they’re older.

Tips for managing money

So how can you get your kids interested in budgeting? Here are a few tips for helping your little ones enjoy managing their money.

Earning their allowance: if you give your child pocket money, tie this into completing chores. That way, they can learn the value of working to get money.

Saving to spend: when your little one gets any cash, encourage them to save it in a piggy bank rather than spending it straight away. By doing this, they can save up to buy a better toy. To make this fun, why not print off a ‘totaliser’ chart so they can track how much they’ve saved and how far they’ve got to go.

Take them shopping: when you go to do your weekly supermarket shop, take your kids with you. Keep in mind, this probably won’t help you save money – research shows that we spend more at the supermarket with children. However, it can help your children to learn how much certain items cost so they know it doesn’t just come for free.

Playing the game: Monopoly is a great way to get your kids handling money without the risk that they can actually waste it! When you’re playing together, try to get them see the difference between the costs of different properties. By doing this, you can teach them that their belongings have value – not to mention the reward they can get if they buy smartly!

 

by Emily Bancroft

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To find out more about managing your money and getting free debt advice, visit Money Advice Service, an independent service set up to help people manage their money.