This week is My Money Week 2020,
a national education initiative to help children save every penny!
We’ve put together this money lesson home learning guide,
to help children and young people to financially thrive!
This week (8th – 12th June 2020) is My Money Week, a national education initiative to help children and young people gain the skills, knowledge and confidence in money matters. With this mind, we’ve put together a home learning guide with the help of Emma-Lou Montgomery an associate director at Fidelity International, to share several ways parents can easily incorporate money lessons into their homeschooling schedule.
Here are five ways you can use this time at home to teach your children about money:
1. Teach them about saving vs. spending
One of the most important lessons you can impart to your children is the value of savvy saving – this goes way beyond holding up cash in an ancient piggy bank! Relentless saving can be as limiting in adulthood as uncontrollable spending, so it’s important to strike the balance between the two.
2. Introduce budgeting
Teaching your child about the importance of budgeting is essential in helping them become financially capable adults. If children can learn the value in making a simple budget each month and saving up for the items, they want the most – the sense of accomplishment will be so much greater.
3. Get them involved
A weekly allowance is a good place to start to teach children the value of money. However, you can also get your children involved in some of the financial decisions at home. If you’re grocery shopping online and deciding between products; explain why it makes sense to buy the better-priced item if the quality is similar.
4. Introduce investing
Got teenagers? For older kids, advancing their understanding about savings with some basic lessons about investing for the long-term will do wonders for their future financial mindset. This is particularly important if you’ve got girls as having an open attitude towards investing early on in their careers will help counter any career breaks, they may take in adulthood – should they go on to raise their own children.
5. Set the example
Never underestimate the effect your own money habits – good or bad – will have on your children later on.
Remember kids adopt their money habits at 7 years old, so for your younger kids spend some time making sure they can grasp the different coin values and know why we sometimes save and other times we spend. Older children will benefit from knowledge about student loans, Junior ISAs and even pension arrangements as it’ll help them understand why it is so important that young people start saving as early as they can.
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