Teaching children about money matters early on will help them to better manage their finances as they get older. NetVoucherCodes.co.uk has some top tips for honing good home economics habits…
Lead by example
Show your children how to correctly balance your budget and live within your means. If you have a flippant attitude to your finances, the chances are they will too.
Giving cash for jobs around the house is a great way to begin to teach children the value of money. When they want something, let them use their own money to buy it.
Take them shopping
Make sure your children are aware of what things cost. Take them shopping so they can see just how much – or how little – you get for your money.
When they’re old enough, encourage them to get a job. Having money they’ve worked to earn will cement its worth and if there’s something pricey they want, urge them to save up for it.
Open a savings account
There’s nothing more rewarding than seeing the pounds add up!
Want or need
Encourage your children to differentiate between something they want and something they need.
Let your children make their own spending decisions. Sometimes they’ll get it wrong but it’s unlikely they will keep making the same mistakes.