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Struggling to teach children about money saving and valuing money? Here’s a simple way to get them thinking about it.
I think it’s really important to teach children about money and the value of being careful with it from a young age. I saw this idea posted recently on Humans Of New York and while the post only gave the most basic details I thought I would tweak it a bit and add some of my own ideas to make it work.
Children can use any money they like for this, money from doing chores, pocket money, birthday and Christmas money etc, although if they do have a very large amount parents may like to keep some of it safe for them. Obviously all of these ideas can be changed to suit individual needs.
SAVE JAR – This is to teach children about the importance of saving up for something themselves and not always being able to have what they want straight away. It may be good to set a goal of a certain amount so they have something to aim for or to use on something expensive that their usual weekly pocket money might not be able to buy, such as a new computer game. When they reach their target take them out to buy the item with their money and make a fuss about how well they have done to save for it on their own.
INVEST JAR – Teaching children about investing may seem complicated but this should help to simplify things. Tell them for that every, for example, £1 they add to the Invest Jar you will add 10p. Then write on the Jar the date the is allowed to be opened, six weeks, six months, whenever you choose and the money plus the ‘interest’ you have added is theirs to spend as they wish or redistribute between their other jars.
DONATE – I think it’s important to teach children the importance of kindness, compassion and how lucky they are to have the things they do. Encourage them to occasionally put some of their pocket money into the donate jar and help them chose a charity they would like to give to. You could also use the money to buy items to donate to a local food bank. Taking them to the supermarket and showing them how much food £2-£3 can buy should really help them value their own money and understand how to spend it wisely.
SPEND JAR – The spend jar is for money they can spend now on small usual pocket money things like comics and sweets. It is sometimes good for rewards to be immediate, particularly if they’ve been well behaved on done something really positive during the week.
What have you tried to teach children about money? How do you get them to engage with talking about finances?