What New Year's resolutions are your kids dreaming up this January? Well we have a few extra to add to the list which might help your son or daughter learn some real money management skills this year.
1. Set a saving goal each month
Keep it small, something that can be achieved relatively easily within the month. Getting kids into the habit of putting money aside and experiencing the satisfaction of getting to spend it will help them become great savers as they grow up.
2. Help you with the shopping
Not only is it really helpful to have an extra pair of hands when you hit the supermarket, but helping you shop can teach kids a lot about money. Get kids to help you find the best deals and work out which product is best value for money. Involving them in budgeting for the weekly shop will help them understand that with a little planning and thought, you can make your money go further.
3. Check where they've spent their money that week
Once a week, maybe on a Sunday night after they've had the weekend of spending, sit down with your son or daughter and go through where they’ve spent their money this week. goHenry makes this really easy to do with the ‘spending wheel’ which breaks down spending by type into an easy to read interactive chart.
4. Think of a new way to earn some extra money
Entrepreneurialism is already a sort after skill. ‘Thinking outside the box’ can help people make great businesses and go on to have successful careers in today’s workplace. This is only going to be more important for our children. One way to encourage their entrepreneurialism is to get them thinking of ways they could make a bit of extra money. Whether they sell some things they don’t want, sell something they've made themselves or use a skill to make money, coming up with the idea will help them to see new ways they could earn their own money.