Learn It To Earn It! Money Management For All Ages

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It is astounding that with the amount of focus that we place on money, as a society, that money management is not taught in all schools. When we look back on our youth, we never thought of money as important at all. In my 30’s I look back at just ten years ago and didn’t view money as all that important! As the magical overdraft would help me get my cash from the machine and the credit card as free money. In hindsight, this was a bad attitude to have. As I now have mounting debt that I could do without. The pressure to do more grown up things becomes more apparent. Buying a house, planning a wedding, the increase in fuel costs. These are all things that are tagged with the notion of being an adult. The shock of money responsibility just seemed to be slammed down in front of you as soon as you left university or gained full-time employment. So is there a way to help bridge the gap between a child and adult when it comes to money management?

Toddlers
When it comes to teaching toddlers the value of money, the best approach is to use a visual stimulus. The typical method is to use a piggy bank, which is an excellent idea in theory, but the child can’t see the money amounting. So the fruits of their labors go unnoticed. Seeing a jar fill up with coins and talking to them about how much more they’ve got than yesterday is a nice way to reinforce the idea of saving.

Young Children (8 and over)
The best method for young children and tweens is to let them make decisions about their choices in terms of what to buy. For example, if they wanted two items but can only afford to buy one, they need to make the decision. If they are unhappy with the outcome, then they have made their bed and must lie in it.

They also need to learn at this age that money is earned, not just given out. A simple method of teaching this is to reward them for doing household chores. Based on the task, you can give them more or less money. That way, the concept of pay grades is also introduced.

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Teenagers
If you have been able to reinforce some of the previous values at certain stages of their life, then helping them get a bank account is the next logical step. Having their own bank account that they can withdraw money from and are solely responsible for will teach them how to manage their money. If your child hasn’t got a bank account yet, you can apply for new bank account here now. And, as a consequence, if they run out of financial resources, they would need to get a job. That marks their first foray into adulthood.

All ages have their own attitude towards money. So in teaching them the value of it on a level that they can understand, whether by visual stimulus or making sure they know the repercussions of overspending, it will go a long way to instilling the values and responsibility of money management.

How Your Children’s Love Of Technology Could Help Keep Their Finances In Check!

As parents, we want to ensure that as our kids get older, they are able to take care of themselves. This is because we won’t always be by their side helping them to think about their choices, such as their financial ones, for instance. If your kids don’t understand the importance of managing their money, financial problems could have a big impact on their lives. That’s why it’s so important that from a young age, you teach your children the importance of keeping their finances in check.
Many parents struggle knowing how to go about this. But the good news is this doesn’t have to be the case, as you can use technology to help. Believe it or not, technology can be a useful tool for teaching your kids how to keep their finances healthy. Here’s how:

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Blog posts

Today, a lot of kids read blogs on a regular basis, as a pose to reading books or magazines. Although it might not be a traditional form of entertainment, blog posts can be a great resource in terms of teaching kids about finances. By encouraging them to read posts about keeping their finances in order, you can help them to learn the best methods of doing so. As well as, why it’s so important to keep your finances healthy. If they’re not into blogs, vlogs can be just as beneficial. It’s just a case of finding the best vlogs about the topic.

Finance apps

Almost every child over ten-years-old has a smartphone or a tablet. Meaning that they have access to a range of different apps. As well as offering hours of entertainment, apps can also be a fantastic resource for helping your kids to keep their finances in check. From apps for keeping an eye on what money they have to apps for budgeting, there’s an app for every financial need that you child may have. There are various apps to choose from. However, some are better than others. With that in mind, consider these mobile apps to keep your finances in check, and teach your kids how to use them effectively. Whether you’re for or against smartphones and tablets for kids, there’s no denying that they can be useful. Especially, when it comes to keeping your child’s finances in order.

Money-management games

The Apple app store is packed full of various games and other forms of entertainment. This includes a range of games that revolve around money management. It may not seem like it, but games like Zoo Tycoon, The Sims, and any other games like these, require users to manage their money to survive. The Tycoon games are particularly effective because the player has to manage their money for their business to thrive and grow. Just like they would have to in real life. They might only be games, but for helping kids to manage their finances better, they can be useful.

So there you have it, a guide to how technology can help your kids keep their finances in check.