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January_moneyskills

The January pay day and what your children can learn from it

For many of us, the January pay check has now landed. And am I right in thinking it couldn’t have come soon enough? It seems that as a nation we struggle to get through January, but no one is squeezed more than families. All those presents over Christmas are hard to recover from. But, if you’re well practised in the art of January survival, you’ll be able to make things meet.

January can also prove the perfect time to pass some of your knowledge down to the next generation. We’ve put together a few things that your son or daughter can learn from this long, harsh month.

  • Planning ahead – It’s never a surprise that Christmas happens on the 25th December every year. So that’s 11 months’ worth of planning that can be done. This is great practice for children and teens, putting a little bit aside each month for something they know is going to be expensive. Setting savings goals for both long and short term expenses will enforce this habit, while still allowing for some shorter term gratification.
  • The beauty of a ‘Freekend’ – With pay checks back in our pockets, the entertainment and retail industries are trying hard to get us spending again having felt the effects of January on their books. Just because your children might have got some money from their allowance or part time job, doesn’t mean it’s okay to spend it all this weekend. A gentle reminder that it doesn’t have to be January for them to feel a bit skint, and some planning time for their free weekend (a Freekend of course) is a great way to show that you don’t need to be spending money to have a good time.
  • Once it’s gone it’s gone – Not paying out for other expenses outside of their pocket money or allowance will help them learn to budget (just like mum and dad do). Avoiding the temptation to pay out for things because they spent their January pocket money in 5 minutes will hopefully help them to be more careful in February. If they really really NEED something, then it might be an idea to get them doing a few chores to earn some extra.

goHenry, a unique earning, saving and spending solution. Perfect for parents with children from 8-18.

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