As another week of 2014 speeds by us, it's time for this week's teaching children about money post. This week it's all about saving versus spending and is inspired by a couple of interesting conversation I had with the kids last weekend.Miss Frugal has been after a bottle of the new One Direction perfume since it first came out but I've held off buying it on principle because, as I've said before, it annoys me that it's priced so highly when it's aimed at young girls. It was on her Christmas list but after I explained that if I bought her a bottle, it would be the smallest bottle (3oml) … [Read more...]
Teaching children about Money – Chores….
Welcome to this week’s teaching children about money post which is all about paying children for doing jobs around the house.Personally I believe that children are a part of the family and should therefore be helping around the house doing some basic chores. Pocket money isn't given to them for doing their designated jobs but it is taken away if they don't do the jobs that we give them!We have a chore chart on the front of the fridge which includes some basic jobs like setting the table, clearing the table, tidying rooms etc and on Saturday and those are the jobs that we expect to be … [Read more...]
Teaching children about Money – profit and loss….
Welcome to this week's teaching children about money post. This week it's all about profit and loss which probably sounds a bit complex and a little unnecessary for children to know about but actually it's really relevant to them and we had fun learning all about profit and loss together.My aim at the end of these exercises was to help them understand the basic idea that a business needs to sell something (either a service or good) and make a profit in order to stay in business. If a business doesn't make a profit then it's unlikely to be able to pay it's bills and may have to … [Read more...]
Teaching Children about Money – Pocketmoney….
Probably the most obvious way to teach children about the value of money is to give your child regular pocket money and encourage them to save up for things they want to buy and to budget their money so they don't run out before their next 'payday'.I know from talking about pocket money on here previously that there isn't a one answer suits all solution to how much or what age so I'm going to tell you what I do and I've also asked some of my blogging friends to share their thoughts too so hopefully you'll read something that you think will work your family.At the moment we give Miss … [Read more...]
Teaching children the value of money….
I don't think that schools do enough to educate our children about money or if they do, they don't start it young enough in my eyes because neither of my children have been taught much about money at school so far and they're eleven and eight.We've had the numeracy based questions for homework that ask thing like 'If I bought 3 apples for 10p each how much change would I have from 50p' but they haven't learned anything about money in the real world which I would have hoped (but not expected) would have been covered at some point - at least for Miss Frugal's year six class.Children need … [Read more...]
Pocket money – what do you do….
So, at the grand old age of ten, Miss Frugal gets £10 a month pocket money.She gets £10 a month because I once read somewhere that a good guideline for pocket money would be to give your child £1 for every year old they are but I have no idea how that compares to what other children her age get.I do know that it seems like a good amount - enough that she can start to learn how to budget her money and make decisions about what to do with her money. Does she waste it on little treats or buy one big thing? Does she spend it as soon as she gets it or save it until she sees … [Read more...]
