On the money: Make saving child’s play

11 June 2019

Don’t be surprised if the children in your life seem a bit more interested in money matters this week.

Schools and colleges are holding events and activities over the next few days as part of My Money Week — a programme designed to get youngsters interested in finance.

Primary school kids will be asked to design a new coin or currency, while teens will be challenged to produce a comic strip telling a story about financial risk.

It may sound like a bit of fun but it’s part of the crucial process of giving youngsters some insight into what money is all about.

Even such basic financial education will help them learn about saving wisely, credit and debt, keeping money safe and how to budget.

But we can all help kids get on top of their finances by talking more about spending and saving.

“It’s absolutely crucial we talk to our children about money and saving when they’re young,” reckons Richard Stone, chief executive of The Share Centre. “It may seem awkward or complicated, but it doesn’t need to be technical and it can be done as part of everyday conversation.”

Frankly, most adults could probably also learn a few financial tricks if we all talked a bit more about our own money situation.

The first lesson is to teach youngsters where money comes from, and how much things cost and why.

A great way to give a chilling example of the real cost of things is to relate them to how long it takes to earn the money to buy them.

Work out how long you have to work to make enough to buy a Nintendo Switch, for example. If you earn the average wage it would take you more than two and half days to raise the £279 you’d need, given the average UK weekly wage is £528.

Or for a more telling figure, consider how long it would take an average earner to make enough cash to pay for a summer holiday.

The answer is nine weeks of toil to earn the £4,800 an average family of four spends on a two-week break.

Beyond that it’s helpful to teach youngsters about saving, that if they can squirrel cash away they will give themselves choices in the future.

“Empower kids to make decisions about money and saving, offering rewards if they save their pocket money or cash earned from chores,” suggests Richard Stone.

When should you start helping kids learn about money? As soon as possible, says Sarah Coles, personal finance analyst at Hargreaves Lansdown.

“Children learn financial lessons from a very early age, and if they’re not learning them from their parents, they’re learning from adverts and peer pressure. It’s therefore important to start talking to your children and letting them make decisions about money, even before they start primary school.”

One easy way to get them to understand spending and budgeting is to use cash more rather than flashing the plastic. It could help many adults to be better money managers.

The trick is to take out your shopping money at the start of the week and just spend what you need.

As the week goes by you — and your children — will see the cash shrink. That’s an instant lesson in managing your money. Good luck!

You can find out more about My Money Week at tiny.cc/vw107y

How to save it

Summer sandal sale

Need some summer sandals? TopShop is offering 60% off shoes online and in-store. However, with owner Arcadia struggling, the offer may not be around for long! You’ll find them online at tiny.cc/j8107y.

Ex-display shoes for bargains

High-Street chains Office and Schuh both sell ex-display footwear at bargain prices online, such as Hunter wellies down from £95 to £42. Go to offcutsshoes.co.uk or schuh.co.uk/imperfects. Similarly, Adidas offers old season stock at reduced prices at adidas.co.uk/outlet.

Cut-price make-up and beauty

You can save on make-up and beauty products by downshifting from brands to much cheaper “dupes”, reckons MoneySavingExpert. The site says lookalike products — at a fraction of the price — often even have packaging similar to the expensive brand. A great example is the £6 Aldi eye-shadow palette which compares well with the much more expensive £29 Urban Decay original. Check out the full MSE guide at www.moneysavingexpert.com/deals/deals-hunter/2018/08/dont-get-duped-by-beauty-dupes.

Free England shirt

You could be in line for a free England T-shirt. Simply download the Sports Direct app, register, find “Free England T-shirt” in the menu, and then pick between football or cricket. If England wins the Women’s World Cup or the Cricket World Cup, you’ll be sent a shirt.

Visit Tower Bridge for £1.25

It’s 125 years since Tower Bridge was opened and to celebrate some lucky folk will be able to get general admission to the bridge for just £1.25 on June 29 and 30, the anniversary weekend. They’ll also be handed an exclusive souvenir bookmark. You can’t book tickets in advance so you’ll need to get there early on either day. Good luck!

On the money: Make saving child’s play

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