The papers predicted that parents would splash out around £300 on kids’ entertainment over the Easter break and the average child would receive £59 worth of Easter eggs (!…that’s what we were thinking too). But, put all these treats aside, what lessons about money have our children likely learned over the Easter break?
- Earning extra is easy if you’re willing to put in the time – Many of you parents will have had a bit more help around the house than usual over the last 2 weeks. Getting kids to do a few special jobs for you, a neighbour or a relative really shows them that hard work pays.
- Saving for holidays pays off – as adults, we know that the more money you save to spend on holiday, the better it’s likely to be. Having more money means you can do more things and not need to worry about making money stretch. If your kids learn this early on, they are more likely to understand the importance of saving for things they really want to do, but might take a bit of time to save for.
- What you need and what you want are very different - when it’s mums money or when it’s your own at the age of 13, how much you actually NEED something can vary dramatically. We hear this from goHenry parents all the time. Giving your child their own money to use as they see fit might just teach them to be a bit more careful with their money.
- Budgeting is key to having fun all week long - That’s why, giving your child a certain amount of money at the beginning of the week and telling them that’s it, can work quite well in term of getting them to appreciate the cost of things and evaluate whether they actually need the things they think they can’t live without.