It’s a bit of a slog for our children this time of year. If they’re not doing exams, then they’re probably either revising for them or doing mock exams in preparation for years to come. So it’s quite likely they’re spending their spare time dreaming up plans for when the summer holidays arrive.
If there’s one money lesson that our children need to take on board at this time of year it’s this: if they want an amazing summer full of fun activities, they need to save for it. The key to having a great summer is financial planning.
Here some ideas and tips to help you get your kids managing money better this summer:
- Simply get your children and teens to understand how much things cost. Maybe they’re a bit younger and haven’t really had to think about how much a day out or holiday costs before. Getting them to do the research or talk them through what you’ll be spending is a great start.
If they’re a bit older, it’s good for them to understand how long it will take them to earn the amount of money they need. If they have a part time job or if you pay them for chores.
- Get them setting savings goals for less expensive activities as well as bigger and more expensive plans. This way they get to experience the reward of achieving easier goals, as well as learning to hold out and achieve bigger goals as it really pays off. It might even be worth contributing a little bit to these larger goals yourself as an extra reward for their dedication.
- Everyone has a slightly different budget. It’s likely, there’s always one or two of their friends that can afford a little bit more. However, that doesn’t mean they should commit to something that they can’t afford for fear of missing out. Teaching them to recognise that they have a budget they have to live within. If there budget won’t stretch, they need to earn or save more money or simply just accept that they can’t take part.
- Having a great summer doesn’t have to be expensive. Appreciating things that don’t cost any money is a great skill for our children. Being with friends and family and enjoying the sun is one of the best things on offer in the summer.