You know the old saying “You are turning into your parents”?, it can be used in both positive and negative ways.
No-one likes to actually think they are becoming their parents as it means we are getting older however it can mean we are getting wiser too!
Growing up I was encouraged to save up for things I wanted.
My brother and I would help Mum and Dad put all small change in a large jar and when it was filled up we would empty it onto trays on the front room floor with change bags and spend the afternoon bagging up the change. Once done we were allowed to keep this money, either adding to our bank accounts or spending on a toy each. It was family time and one we actually enjoyed, it was educational too as we were practicing our number skills (of course we were occasionally out with our counting but Mum would always keep some change back in her purse for when we changed it up in the bank).
This is something I now do with Emmy and Harry – their Aunt and Uncle bought them a large Piggy Bank with counts their money as it is added, once filled we will count out and bag up taking to the bank and exchanging their small change for notes instead.
I saved up and bought my first car all by myself too – I took on a paper round when I was 16 and by the time I was 17 I had saved enough to buy my best friends parents car off of them with all my tips I had saved. That car lasted me well and it also taught me that I needed to save wisely for things I really wanted.
When I was growing up my parents opened a savings scheme for me, each month for 10 years they would add £10 to this and when I was 18 I was allowed this money – I could do whatever I wanted with it – I used for a girls holiday abroad with my 2 friends, my first holiday abroad and my first girls holiday.
I am doing similar with Emmy and Harry, while they aren’t old enough for a current account I have set them each up with a savings account which is linked to my bank account and monthly I add a small amount to their savings accounts. Their Godmum also adds money to their accounts too, it may not be a lot but when they are older it will be enough to have a little fun with or to chose what they spend it on – there will be no rules, it is their money to spend on what they like. I can only hope they chose not to spend it all in the pub but if they do I can hope they buy me a drink or two in the process.
I have been trying to teach the children the value of money just as my parents did for me – they have pocket money which they can either save or spend and once it has gone that is it for the week. I have to admit that I have occasionally topped Emmy’s purse up a little after she has insisted on buying Harry a magazine when she had one or sweets as she likes to pay the shop-keeper.
Have you begun teaching your children the value of money?
Are there any golden nuggets of advise you have been passed down from your parents?
“This is a collaborative post”
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