Money matters. It matters a great deal.
As a single mum, I’m on a tight budget, and although my recent promotion (yay!) means I’ll have a little more disposable cash soon… Money is still in fairly short supply.
Luckily I’m a saver by nature, so I budget frantically throughout the year so that I can afford treats and holidays for me and the children.
However, me being good with money for myself is not enough.
No, I want my children to be good with money too.
So, in the interests of teaching them how much money matters, they have weekly pocket money that they can choose to spend on sweets, or save for larger toys.
I’m delighted that they have both embraced the idea of saving for larger items.
My son decided he wanted to save up for the Lego police station set.
Averaging a whopping £60.00 from most retailers. I promised him that if he could get most of the way there himself, then I would help him with the final bit. He saved up £45 on his own and I donated the final £15 as a reward for his hard work. I was so proud of him!
My daughter is equally financially savvy. Upon hearing my deal with M, she enquired if I’d do the same for her if she saved up for the Lego Olivia’s house (averaging £50.00)
Naturally, I agreed and she set to work saving too.
A trip to Smyth’s toy shop and they both got their hard earned toys.
They are now both saving hard for other “big” toys and I couldn’t be happier.
I’m delighted to have children who are learning the cost of items they want, as opposed to just the price. When I was working in the shop on minimum wage and they asked for big toys that I knew they would grow out of quickly, I would sometimes point out that I’d have to spend two days in work, just to buy that one item.. It helped make them aware of how hard I have to work for my cash, and that is a valuable lesson for anyone.
I wonder how other’s handle money matters with their children? Am I too open with them about finances?