The topic of pocket money (an allowance) for children can be a highly emotive topic. Even between parents there can be quite different views on this subject.
The starting point before you even think about talking to your children about pocket money is to make sure that as parents, you are on the same page. This means you both have to agree on how it is going to work, then implement it. Continue reading
Teens and Money – a huge topic! In Part 1 we covered Responsibility, Accountability and Consequences, this week we’re talking about helping your teen build a money plan – not a budget.
If your teenager hasn’t learnt the technique of managing their pocket money (allowance) using cash when they were younger, you will need to encourage them into this system. Continue reading
Teens and Money is a biggie so we’ve split it into two parts. Here, we look at Responsibility, Accountability and Consequences.
When it comes to teaching your teens about money, you are going to be starting from one of two places.
The first is that you have been teaching your children about money from an early age, so they already have a good grounding in the value of money. Continue reading
All our decisions are governed by emotions. Food is a classic example, when we see that sandwich or the chocolate cake or the donuts, we can taste it. Our emotions have told us.
Money is another classic example. If we are happy, sad, stressed or angry, it is very easy to take the credit card for an outing to make ourselves feel better. If you use money in this way, that is what your children will also learn.
Seth Godin said, “we have a conflicted emotional connection to money.” Continue reading
If you want to raise Financially Healthy Children, then you have to talk to them about money – warts and all.
OK, but why do we need to talk to our children about money?
There are lots of reasons but let’s look at a few. Firstly, technology has meant that adults are more likely to be using money cards than cash and children (under 10 as a rule) do not understand the connection between the two. Children don’t know that the cash Continue reading
As I discovered when chatting to a group of parents about kids and pocket money (allowance) the topic can get quite emotive! There are some quite disparate views about how much, when to start and whether or not it should be for doing family/household chores.
Everyone in the group gave their children pocket but the amount was the tricky part. It seemed to be linked more to peer pressure about what other children were getting, rather than what the parents thought was appropriate.
This story from one Mum really highlighted the children’s understanding of the value of money. “It was Christmas and each of the three kids got an envelope with $20 in it from their Aunt. The 11 year old got mildly excited about $20. The 7 year old thought it was a lot of money and the three year old wondered why his Aunt had given him a pretty picture…” Continue reading
Financial literacy for children is a hot topic. Start them young so they learn to save not spend, is one school of thought. But what if as a parent, you are struggling with your own financial literacy, can you be a positive role model?
Children and money is always a very interesting topic of conversation.
The question of what to teach children about money and when to start is something we are asked quite frequently.
We really like Rob Stocks article Cents and Financial Sensibility , his 10 point checklist, while somewhat tongue in cheek, does have a few gems in it. Continue reading