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Family Finance
Family Finances
Lend the kids money, then charge them interest on top, sell them treats from your kitchen cupboard tuck shop, or ask them to calculate the percentage saved on a supermarket baked beans offer... money mad parent? No, just some really great ways to teach your kids financial wisdom, writes Sam Barrett
How can you teach your children to manage money?
Children learn many things from their parents, including how to manage money. But, even if your own finances are in disarray, it's never too early to start teaching them good money habits. ‘As soon as your kids start asking for things you can teach them about money and how to respect it,' says Anna Bowes, investments manager at independent financial advisers AWD Chase de Vere.
One of the key concepts that Bowes believes even small children can learn is to save. ‘Don't just give them everything they want,' she says. ‘Explain where money comes from and suggest they save their pocket money towards the item instead.' Piggy banks can be good for smaller items, allowing them to keep tabs on how much money they've put aside. Other good tools include wall charts, which can be coloured in as they get closer to their savings target. More...
Keeping family finances in check
Children don't come cheap, and although they are worth every penny it still doesn't hurt to get a bit of help keeping the family finances in check. Here we have plenty of money saving ideas for the family, as well as personal budgeting tips and pointers to help you find the right financial products for your family. You will also find ideas on how to teach the children to become aware of the importance of money management and the virtues of saving for a rainy day.
Your finances
Family Budget
Setting a budget for your family's needs and wants is the most effective way to get the most out of your money - although setting a budget is often easier than sticking to one! In this section find plenty of budgeting tips to help you spend and save in perfect harmony, and stick to it. You will also find features on family money issues such as coping with debt, treating the kids on a budget and teaching children about money. More...
Money Management
Choosing the right financial products is important to all of us, but when you are raising a family it is even more important. Whether you are looking for features on the best saving accounts for children, writing the right will as a couple with children, choosing the best insurance products for families, or even managing debt, find the impartial help you need here. More...
Top financial resources
• Find all the resources you need to help your child with their learning. More...