Money tips don't grow on trees: 6 alternative money tips to teach kids
Find out how to teach your kids about money...
How often have you told your kids that “Money doesn’t grow on trees”?
Your parents told you this every time you asked for extra pocket money, their parents did the same and now you find yourself yelling it at every request for money.
It’s an oft-used phrase and while it’s metaphorically true, smart-aleck children have always known how to get around it - they point out it is actually grown on trees (well, on plants).
A study by M&S Money has also revealed that the UK‘s parents are worried about whether the next generation will be able to manage their own money. A quarter think it will be easier for their children to get into debt than it was for them, and a third believe their children will be less able to handle money than they are.
19% said that their children will be ill-equipped to deal with their own finances as there’s too much jargon to wade through and not enough practical guidance in school. However, a third believed imparting their own experiences could help children learn and improve their chances.
So with all this in mind, we’ve listed six alternative ways of teaching your kids about money, without mentioning the phrase “money doesn’t grow on trees” once!
1. Teach them the real value of money in terms of working hours. Have you ever explained how many hours it would take you to pay for those fashionable trainers? It’s a scary thought, but depending on your hourly rate it could even take you a few days.
2. Challenge them to see if they can wait until next pocket money day to spend this week’s allowance. Give them a novelty piggy bank for safekeeping of the funds.
3. Ask them to come up with their own money saving ideas. We overheard one young boy saying that he’d be willing to give up his prawn cocktail crisps in his packed lunch to help save the economy!
4. Encourage them to start putting money aside and explain it in terms that they understand. For example, tell them that they can buy one small treat every week or they could wait a few more weeks and be able to afford something more expensive.
5. Ask to borrow some money from them to test their reaction. You might be surprised by generosity or shocked to hear that they want it back in full plus interest!
6. Play a game based on your priority expenses. For example, you could get them to guess which is more expensive – the monthly water bill or the latest Xbox game. They’ll be surprised to learn how much things cost and relating it to things they know and love will help.
Have you got any weird or wonderful ways of teaching young children about the value of money? OR is there anything in particular that worked for you when you were young? We’d love to hear your thoughts.