Teach your Grandchildren Money MattersLearn
posted November 19th 2018
Teach your grandchildren that money it will grow when planted properly in the Money Box Tree by coinit-in.com – the forever money box.
By Jackie Swainston.
A couple of years ago, over-heared my son reel off his Christmas list to his grandfather: Lego, PlayStation, trampoline… it went on and on.
Instead of reminding him that these things add up to a lot of money, my Dad just smiled indulgently and said he hoped Eddie had been well-behaved in order to deserve all these things.
It’s funny, isn’t it? We all attach importance to teaching our kids safety, good manners and the importance of doing well at school, but when it comes to the value of money and how much things really cost, we don’t know where to start.
We just assume that children will somehow magically acquire these skills later in life, but this isn’t happening. Children need to know this stuff right now, and good money habits need to start early.
Actual, physical money is fast disappearing from view, with contactless cards and online banking creating a cashless society. Even pocket money can be virtual, with kids having debit cards from SIX years old. It’s very hard for children to understand how to save without SEEING coins and notes. And, big companies are experts at extracting money from youngsters using celebrity endorsement, social media, and irresistible online games and apps. It creates a toxic mix that sets up bad spending habits for their future. So how do we combat it?
Grandparents know that kids need to get back to traditional values; fresh air, nature, playing outside, home cooking, less screen time and more sport and music, and most of us do what we can to encourage this, but there are other practical things you can do too.
Research suggests that parents’ and grandparents’ behaviour is the biggest influence. Here are six tips to make your grandchildren financially astute:
1. Start Early. As soon as they’re old enough to count, give them coins to play with and practise counting with. Talk about money, especially if you give them pocket money, and discuss the pros and cons of saving versus spending.
2. Learn to earn. If they want the latest computer game that costs £300, tell them how many hours you would have to work to earn it, to give them some perspective about whether they think it’s worth it.
3. Try the two-jar trick. Create a jar for spending and a jar for saving. The saving jar should always have 50% per cent more in it.
4. Let them make mistakes. If they overspend on something silly and then have nothing left for the rest of the week, they’ll soon get the hang of it – and resist the temptation to sub them more money.
5. Help them earn it. Kids should always make their own beds and help clear away, but help them earn money from extra chores, such as washing the car, hanging up washing or dusting and vacuuming.
6. Set an example. Limit shopping trips as a leisure activity and cut down on eating out, so that children don’t think money is an unlimited resource. Make the most of ‘free’ activities, such as parks, museums and cook and bake at home.
7. The best gift this Christmas would be to teach valuable saving skills now for a better life. The Money Box Tree by coinit-in.com is a really fun VISUAL way to get the whole family interacting with real money.
Join Grandparent Hub+ and get 15% off Money Box Trees when you buy 2 or more along with many other fantastic offers. To find out more about our membership click here – Grandparent Hub+ Membership