Talking to children about money management #AD

Talking to children about money is an important part of being a parent. Our children will be seven years old this week, and I’ve recently found out that they’re already learning about money in school. I think is a great idea.

Last week my husband and I attended parents evening, and our children’s teacher gave us an insight into what they were learning about. One of the things they’re being taught about is money. In particular being able to recognise the value of certain coins, and being able to count out how much change they would get if they bought something in a shop etc.

Money certainly isn’t a new concept for our children. My husband and I have been giving them pocket money for over a year. It’s not a huge amount at just £1 a week, but we hope that in doing so we can encourage our children to save their money wisely.

Teaching children how to manage their money can be tricky, but with the the pocket money app from RoosterMoney children can take charge and learn how to save and spend responsibly.

Not all parents want to just hand over pocket money each week though. Some for example want their children to earn it by completing chores.

Although we give them £1 a week, if they’re particularly helpful such as helping to cook tea or helping with the cleaning etc, then we tend to give them a bit of extra pocket money as a thank you.

As mentioned above I think it’s important to teach children how to manage their money from a young age. To be honest our kids are not fussy when it comes to spending their money. In fact they often forget that they even have it, but when they do remember they usually opt for a book or magazine.

There are lots of helpful guides for parents online. RoosterMoney have produced a set of bite-size guides all about talking to children about money and how to manage money in the family.

RoosterMoney’s aim is to help parents manage money with their families, so they’ve also produced a helpful set of guides for age appropriate chores. This chores for a 7 year old guide is particularly interesting as my children are seven, so we’re going to look into implementing some of the chores listed to encourage our girls to help out a bit more. 

One of guides they’ve written that really peaked my interest was about life insurance. This is something that’s so important to me.

I think everyone should have life insurance, but in my opinion if you’re a parent life insurance is a must.

If you have children who are dependant on you, it’s so important to make sure that they’re protected in case the worst should happen to you.

It’s one of the first things my husband and I did when our children were born. Although no-one likes to think about death, it’s important to have a plan just in case. If you’re not sure where to start this quick guide will definitely set you on the right track.

Do you talk to your children about money? Do you give them pocket money? Do you have life insurance? Let us know in the comments below.

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