Hull & East Yorkshire Credit Union
It’s so important to give children a healthy attitude to money. Learning about it from a young age definitely helps them make better financial choices when they are older. Here's some tips for tackling this vital topic with your children:
• Sit down and show them the different coins and notes. Explain what each is worth. Invent simple shopping situations and ask them to work out which coins they would need to give the shopkeeper to buy various sweets.
• Encourage them to put some of their pocket money into a transparent container so they can see the coins build up each week. They will realise the value in not spending it all when they get to use the money saved to buy a toy they've been waiting for.
• Involve them in saving up for something they are passionate about such as a pair of new football boots. Say you’ll pay them a certain amount for doing household chores or tidying their room. Set up a savings account and pay their earnings in each week. Let them see the balance build up as their goal gets closer.
• Don’t let children hear you talking about impulse buys, or "guilty spending". Instead, talk to them about things you are saving up for, such as making monthly payments towards a holiday.
• Let your child help you plan the meals for a week. Show them how much you have to spend on a week’s food shopping and take them with you to the supermarket. Set a challenge of staying within the budget, comparing brands for best value and buying the right amount to avoid waste.
Here at HEYCU we are helping the next generation to get off to a great start with our First Savers Account. You can save up for any special children in your life direct from your pay.