MONEY MATTERS

Our expert Rebecca Gamble helps make your cash go further

- Rebecca Gamble

3 ways to help your kids learn about money

Dealing with money is part and parcel of adult life, so it’s essential you help your children to understand the basics, says Fidelity International’s Emma-Lou Montgomery. Here’s how.

1 Help them to start saving

‘One of the most important lessons you can teach your children is the value of saving – it’s a habit you’ll want them to develop as early as possible,’ advises Emma-Lou. ‘One way to help children understand saving is to get them to think about something they really want, like a new toy. Help them to work out a plan to save enough to buy it, such as putting aside half of their pocket money for the number of weeks it will take to reach their target,’ she suggests. ‘Try getting them to colour in a bar chart to track their progress as a visual reminder too.’

2 Teach them to be savvy

‘While teaching kids about saving is key, ensuring that they learn how to be a smart spender is equally important,’ says Emma-Lou. ‘Teaching kids to shop around for the best price, resist impulse purchases and learn how to spot a true bargain will set them up well for life. A way to practise this is when you’re doing the weekly shop – give them an item to shop for and ask them to find the best deal,’ she adds. ‘Also, let them make their own mistakes too – if they blow all of their pocket money on day one and later regret it, that’s a valuable lesson learned.’

3 Involve them and have fun