Helping your children understand money is one of the most important tasks of parenting
Do you give your child a regular amount of pocket money, or just buy things for them, as and when they ask?
The clever advice is to always save 20% of your earnings until you have an 'emergency fund' of three months earnings and then invest. Girls That Invest podcast is a great recourses to guide you. If they equate their pocket money to chores completed at home, giving the amount value, it's likely your child will be more considered when it comes to spending. Landing their first job is a huge lesson on the value of money, as well as time management and responsibility. But it’s often hard to get a job before the age of 16. By taking the right approach, money management skills and habits can be well engrained by then.
This week, I spoke to local mum Louise, who has two girls age 12 and 14 and takes a very reasonable approach. “They get an allowance each week of £10 that they can spend it on anything they want. But when it’s gone it’s gone. They both deliver the newspapers too, getting £11 per week. So £21 isn’t too bad.
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