Little golden nuggets of financial advice for kids

Now that my eldest is ten, she is starting to show an interest in money. For years any pocket money she was given was referred to as ‘pennies’ and would be clutched tightly in her hands until she lost interest altogether. Then she went through a phase of collecting it in a tin and storing it away for a ‘rainy day’. The problem with this was that she found it SO hard to actually spend it! These days it burns a hole in her pocket. Whenever we go anywhere she knows exactly how much money she has and she hates to leave a shop until every last penny has been spent. Her attitude towards money doesn’t worry us yet and she is yet to open her own bank account ( when she does, it is likely to be a current account like this one at TSB), but we have started to give her a few little golden nuggets of financial advice where we can…

Little golden nuggets of financial advice~

I do think that kids need to know the value of money, and to appreciate it’s worth too. The Big One tends to throw her money away as soon as she gets it, and I don’t want this attitude to stick. But at the same time, her generosity is one of the best things about her. She’ll have £5 saved up and more likely than not spend much of that on her brother and sisters too. As long as it gets spent, she’s happy! So I want to nurture this side of her, but I also want her to grow up with common sense towards money too.

These are my golden nuggets of financial advice for kids:

  • Give pocket money in return for small tasks completed at home. Rewards are a great way for kids to work towards their own money, and in our house it’s the only way we get stuff done! We don’t demand huge results and we only offer small amounts of money, but it’s all appreciated and we all know how good it is to earn our own money.
  • Have a safe place to store your money. The kids have all adopted bad habits around storing their money. They hold on to it then they drop it and then they cry. We try to encourage the kids to take care of their own money so they all have their own purse or wallet, and money boxes for saving too.
  • Have a savings pot. The kids like to add pennies to their own ‘piggy banks’ and I think it’s never too early to start them saving.
  • Have a plan for your savings.  It’s one thing to save and save and save, but I want the kids to know there is a reason behind it. They don’t need to know that we need money in case of a leak in the roof next winter, but it doesn’t hurt for them to work towards getting their hands on an entire gooey alien family.
  • Know how many pennies make a pound. This is such a simple one. I like the kids to know the value of money, as much as they can. So I ask the kids to tell me the price of the things that they want in shops, and I get them to understand how much that is by showing them. The Big One knows that £10 is a lot of money, but the little ones only get it when they see 100 pennies and are asked to imagine ten bags of 100 pennies. We’re working on this one!

What are your golden nuggets of financial advice for kids?

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