This year many of us will have abided by tradition and entered January with a carefully considered New Year’s resolution. Now, according to YouGov, parents are expecting the same of their children. The Huffington Post reports, ‘According to a YouGov survey of 1,176 parents with children ages 6 to 17 years old, 19 percent of parents will be encouraging their kids to make a New Year's resolution in 2015.’
So how can you help to guide your children to a trouble-free financial future? We’ve come up with a few ideas for your children’s resolutions below.
- Planning for the future
We’re big believers in fun and we hope that goHenry brings enjoyment to our members! Having said this, at some point we all have to think about the future by setting measurable goals for ourselves. Your child might want to pursue an expensive sport or perhaps your teen is thinking of going traveling. Whatever it is, planning is important and can help to make expensive plans more manageable.
- Making short and long term savings goals
As we all find out later in life, saving is a challenging yet highly rewarding skill – and one that doesn’t come naturally to all of us! At goHenry we are all about education and we believe that learning to budget for short and long-term saving goals at a young age is hugely beneficial. To support this learning process, we’ve recently introduced our Saving Goals feature to our app and website – learn more about it here. We have designed this feature to help with anything from a first bike to a first car and can’t wait to hear about the things some of our customers have saved up for!
- Learning to earn
In 2014 we at goHenry saw a lot of debate around whether or not doing chores should be financially rewarded. However, learning to earn doesn’t necessarily have to involve your children being paid to do chores. Whilst some of our parents reward their children for general good behaviour, others incentivise with ‘bonus earnings’, for when their children go that little bit further or for doing extra tasks. Rewarding children can really help children to appreciate the feeling of achievement and establish a strong work ethic.
We hear from many of our parents how their children’s spending styles change dramatically when the money they’re spending belongs to them and not the parent! As children get older, it becomes increasingly important for them to prioritise what they spend their money on – now and in the future. The above resolutions are near impossible without the ability to prioritise successfully. This means occasionally thinking more about that savings account and less about that ‘Brain Licker’. Prioritising where money is spent requires planning and thinking and is a great, life-long skill.