We all have good intentions for the start of the New Year, but as your children and teens pack up their bags to return to school this week they may need help and guidance on how to spend their pocket money wisely as the January sales and promotions get underway.
To help with the New Years’ resolutions, we’ve put together our top tips on how to help your children handle their finances at the start of 2014 and learn some great money skills into the bargain:
1. Be a scrupulous shopper
Online and in store retailers will be lowering their prices with some large discounts as they sell off stock in the January sales. This is an excellent opportunity to help your children learn to discern the difference between buying what they need and what they want. If you’re hitting the sales with your children or letting them brave it alone, encourage them to be scrupulous as they browse the shops and online. Don’t let your children end up with a clutter of cheap goods they’ll never use.
2. Look for own brand goods
If your children need to stock up again on pens and pencils for the next school term, or buy new jumpers to see them through winter, encourage them to think about shopping for own brand items. Supermarkets and high street retailers offer a cheaper alternative to some of the niche suppliers on the market. Check out sites like Amazon, Office Hero, Tesco, and Staples for good deals on bulk items.
3. De-clutter your home
A New Year is a perfect opportunity to help your children learn how to clear clutter and to save. Have your children tidy up (and why not use goHenry’s system to reward them for the additional household chores they complete), recycle what they don’t need and look at home for stationery items on their list before shopping for more.
4. Set the limits
If you give your children pocket money, it’s a great opportunity to teach them money skills including, budgeting, saving and spending responsibly. Of course, make sure you set a limit on how much you give and let them know if you expect their pocket money to cover things like travel and lunch money on top of their discretionary spending.