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How To Secure a Financial Future For Your Children

There are many ways that we can ensure that the future of our children is bright. We can teach them right from wrong, push them to pursue their passions and wants in life, and also make sure that they’ve got everything that they need to be the best version of themselves. While reaching these goals can take various forms, there’s one thing that can help more than most: securing their financial future. A solid financial footing in the world is one of the best gifts that a parent can give their child. But how do you do this? We take a look at a few tried and tested methods below.

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Get Wise 

Children pick up so much more from their parents than they (the parents) think that they do. You might tell your kids not to get angry and shouty, but if you’re an angry and shouty person, then the chances are that they will be too. The same can be applied to issues related to money, too. If you’re good at managing your money, then you’ll be setting a good example for your kids. So if you want your children to handle their money wisely, then first take a look at your own money habits. This will also prevent you from making the types of financial mistakes that can cause problems and derail your family’s future. 

Put Money Away

We know, we know: times can be tough, and it can sometimes feel like there’s just not as much money in the bank account as you’d like. It really is worthwhile finding some extra money to put away in a savings account for your children, however. Life is becoming increasingly harder for young people, and a lump sum of cash can really go a long way. If you start putting a little away each month now, then you’ll have a large amount to give them when they’re a young adult. They will be able to use this money to support themselves during an internship or take a trip, or whatever else they need to become the best version of themselves. 

Teaching Habits

You can’t expect schools to teach your children everything. You will need to fill in the blanks that the schools miss out. While the education system should educate children about financial matters, they don’t. Money is one of those things that, for various reasons, just isn’t discussed all that much in England, and this is a shame because we could probably prevent many people from making financial mistakes if we did. So talk to your kids about money. You don’t need to go into the ins and outs of your finances (unless you want to); it’s just about giving the basics of money management before they’re out there in the world on their own. 

One way to do this is to give them pocket money. They’ll have a certain amount of cash to last them the week or month, and once it has gone, it has gone. They’ll quickly learn the value in holding back on spending their cash on useless junk. They should also know about the help that is available to help them maximise their financial situation. This could involve teaching them about things like probate solicitors or personal injury attorneys, both of which are there to represent the person’s interests. The more they understand about the financial world and how it works, the more they’ll be protected from it. 

Securing the Future

You’re the one that’s in charge of your children’s financial future. And if everything stays as it currently is, then there might be no problem whatsoever. But where is written that everything will stay the same? Things are always in flux. As such, it’s important that you think about what they would do should something happen to you — this, of course, is not nice to think about it, but can push you to think about getting your affairs in order. You’ll also want to take a look at your insurance policies to ensure that it covers serious injury. If you’re unable to work, then the financial future of your children will look a lot less bright. Additionally, you’ll find that there’s a lot of value in setting up a pot of cash that’s to be used as a safety net. 

Conclusion

It really is worthwhile taking the time to make sure your children’s financial future is bright. It’ll give them a boost in a hyper competitive world, in which money and resources is king. 

How To Teach Your Children To Be Money-Conscious

You want your children to have the best qualities of you and your partner. Something that might be important to you as money. Now money should never be the thing that controls your life, but it will certainly help define what you do in it. So with that in mind, here are a few tips to teach your children in being more money-conscious.

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Show Them How To Budget

Children are never going to learn how to handle money, and many parents won’t even teach them until they’ve started earning money themselves. It’s also not something that many of us would learn about at school, particularly as it’s not always likely to be something within the school curriculum. Leading by example is important, and so it matters that you are budgeting your household income in order to show them when they are at an age to learn. It’s never too early to teach them about money. Earning pocket money for doing errands around the home is going to help them being grateful but to also know that hard work can be rewarding. 

It might be a good idea to let them see the family finances and that way, they can have an understanding of what they may need to know about going forward. Giving them an insight into a typical budget plan can be very helpful for their own in the future.

Warn Them About Loans And Borrowing Money

When you find a Swedish sms lån, it’s something that might come at the right time for you or your household when they need it. However, they need to remember and be wary of having loans and borrowing money in general. If they become too complacent with knowing that money is effectively free and available to borrow, that could be quite dangerous for those who enjoy spending their money a little too frivolously. So warn them about taking them out and that they should be used in emergency situations too. You as a parent are likely to want to know about financial situations that they’re in when they are young, so always tell them to approach you first for help. It’s better for your child to pay you back, rather than to a bank or loan shark

Encourage Them To Get A Job

When they’re of an age at which they could work, you should be encouraging them to do so. Being able to get a job will help them see and learn the value of money and what it does in their own life. Having savings is important and having a job can help them put some money into their account so that they are well provided for later on in life when they need it. It also helps them to live their lives to the fullest and to show them how money can influence the type of lifestyle that they may want in the future.

Teaching your children these important life lessons is very beneficial to give them the best start in life.

Day 2

Welcome to The Money Quest Day 2

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I hope you enjoyed the story and activities yesterday. Below you will find the links for today’s fun and games!

Please add your comments and questions below or via our Facebook page

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Day 1

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Welcome to The Financial Fairy Tales ‘Money Quest’

A week long event to help your child develop essential money skills, ideas and habits.

Please enjoy Day 1 materials below and let me know what you think via our Facebook page or comment below.

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Three Purses of Gold – Chapter One Preview

To celebrate the launch of Three Purses of Gold, the 5th book in the Financial Fairy Tales series, we are delighted to share a preview of chapter one.

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Once upon a time in the Land of Argent, there lived a merchant called Reuben and his three daughters.
Reuben made his living by sailing to far off lands and bringing back exotic things to sell. His cargos included strange fruits that no-one had ever tasted, fragrant spices and exotic coloured gems.
He typically made two or three such trips a year and was busily preparing for his latest voyage. His daughters always begged to go along and this time was no exception.

The youngest, Poppy, was particularly persuasive, pleading with her father and offering lots of reasons why she should go with him.
Despite providing many examples of how useful she could be, this time, like always, her father held firm.
“No, my loves”, he explained, “it will be a long and hazardous journey. We may be at sea for weeks. It’s much safer for you to stay at home with your Grandmother”.
“But Grandma makes us do housework every day”, protested Rose the middle daughter.
“And she makes us go to bed before dark”, moaned Lily the eldest.
“Now, now girls, don’t complain. You will stay with Grandma and be good. She loves taking care of you”. Then, after a pause, he added,
“I’ll make you a deal. While I am away, whichever one of you wins my
challenge can come on the next trip”.
“Great!” Shouted all three girls together, “What’s the challenge? How do we win?”

As much as they loved each other, the sisters never missed an opportunity to be competitive.
“I will tell you all about it in the morning” said their father, “but now it’s time for bed.”
Reluctantly, and with a grumble and a groan, they each gave their father a kiss before going upstairs.
Reuben smiled proudly as he watched them go whilst thinking
what a lucky man he was.

The next morning over breakfast, the girls chatted excitedly about what the challenge might be and who was going to win.
Reuben began to explain the rules.
“I am going to give each of you a purse with twelve gold coins”, he
began.
The girls gasped; that was quite a lot of money.
“But”, their father said, raising his hand for quiet, “I will expect you to give it back upon I return. What you decide to do with it, is up to you. Any profit you make will be yours to keep. The winner will be the one who makes the most, and she will come on my next trip”.
With that, he produced three red velvet purses, each tied with a gold thread.
Reuben playfully weighed them in his hand before passing one to each of his daughters.

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Later that day, they all embraced at the dockside before Reuben boarded his ship. The girls ran along the harbour wall to wave for as long as they could, before the wind caught the sales and the ship headed out to sea. Gradually getting smaller and smaller in the distance, until it became just a tiny speck on the horizon.

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