How to teach your child money management | #cp

Now that my boys are old enough to understand the world around them, I believe it is important for them to know all about money and how to manage it. Whether it is them earning pocket money through chores or taking their savings to buy toys at the school fair, my little ones sure know how to ask for it.

So like most parents I took the internet in search of the best advice and guides around money management for kids. I found some awesome resources that I have used and or read, so I thought I would share them with you below. Hopefully you will find these useful one dad:

I came across an infographic by Shepherds Friendly Society, a UK friendly society and one of the oldest mutual insurers in the world. They have created a wonderful and easy to follow infographic that breaks down into lessons and how to teach it for different age brackets.
Teaching Children Money Management Infographic
I also came across a really useful 30 minutes video on The Rachel Cruze Show in which she breaks down the process and reasons why it is important to have the discussion with your kids about money.

If like me you like to get stuck in to a podcast whilst at work or when relaxing at home, then I recommend a podcast by Dave Ramsey, a US finance author that discusses real life money issues and how people can revolve their money problems. You can listen to the 40 minute podcast for free on Google on the following link here.

So from watching, reading and listening to the above advice, I have put together a list of top ten tips you should be following, discussing or introducing:
1.       Examine your own attitudes about money.
2.       Give your child an allowance and let them make their own spending choices with it.
3.       Expect your child to help with family chores.
4.       Provide extra income opportunities.
5.       Teach your child to save regularly.
6.       Help your child discover the satisfaction of sharing.
7.       Show your child how to be a wise consumer.
8.       Teach your child a healthy attitude towards credit.
9.       Teach your child the value of wise investments.
1.   Involve your child in family financial planning.

I went away and talked to my five year old about money and from that conversation here are the three things my little one asked me;
1.       Why don’t you have loads and loads of money?
2.       Why do you have money on your card?
3.       Can we see how much money you have spent?

Whilst they don’t strike at the heart of money management I think it was nice that he had questions and that I was able to talk to him about it and for him to be interested about it.

Thanks for reading, please do let me know if you have had any experience of dealing with this and I would love add it to the article.

*This post was written in collaboration with a third party, the words expressed are my own"

Karl Young

Part-time daddy and lifestyle blogger. Father of 2 boys under 2. Golfer, scare-fan, tea-lover, traveller, squash and poker player. I write on the @HuffPostUK

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